By MarketsFarm
WINNIPEG, Feb. 24 (MarketsFarm) – The Canadian dollar hit a three-year high on Wednesday, as the oil currency tried to catch up with rising crude prices.
The loonie finished at US$0.7969 or US$1=C$1.2548, compared to Tuesday’s close of US$0.7935 or US$1=C$1.2603.
Reuters reported that Western Canadian Select (WCS) has increased by 30 per cent since the beginning of 2021, while the dollar has bumped up by only 1.7 per cent. Today, WCS rose US$1.41 at US$52.50/barrel.
Benchmark crude oil prices were higher as well on Wednesday, after the United States Energy Information Administration reported production fell by 10 per cent last week due to the Arctic front and snow storm that hit Texas.
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Brent crude oil jumped US$1.86 at US$67.23 per barrel. West Texas Intermediate (WTI) crude oil gained US$1.76 at US$63.43/barrel.
The TSX Composite Index was up 154.44 points on Wednesday to finish at 18,484.53.
Gold lost US$3.50 at US$1,802.40 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.12 at $ 3.22
Linamar Corp. up $ 0.37 at $ 70.65
Maple Leaf Foods dn $ 0.01 at $ 23.75
Nutrien Ltd. up $ 0.10 at $ 70.65
Ritchie Bros Auctioneers Inc. up $ 1.32 at $ 68.02
(All figures are in Canadian dollars.)
