WINNIPEG – The Canadian dollar fell below the 80 United States cent mark after markets closed on Wednesday.
The loonie closed at US$0.7994 or US$1=C$1.2509, down from Tuesday’s close of US$0.8031 or US$1=C$1.2451. The federal government will table its budget on Thursday, which will reportedly include a surtax on financial institutions that made huge profits during the COVID-19 pandemic and a partial ban on foreign homebuyers.
The U.S. Dollar Index was up 0.15 of a point at 99.63. The greenback had reached 99.78 earlier in the day, its highest level since May 2020, after minutes from the Federal Reserve’s last meeting increased speculation its key interest rate would see a 0.5 of a percentage point hike in May.
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Crude oil prices fell on Wednesday after members of the International Energy Agency (IEA) announced they would release 120 million barrels of oil from their countries’ own strategic reserves. Brent crude oil dropped US$4.78 per barrel at US$101.86. West Texas Intermediate (WTI) crude oil declined US$4.97 at US$96.99/barrel. Western Canadian Select (WCS) retreated US$4.03 to US$83.40.
The TSX/S&P Composite Index shed 142.23 points at 21,788.60.
Gold added US$1.80 per ounce to US$1,929.30.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.60
Farmer’s Edge Inc. dn $ 0.01 at $ 2.99
Linamar Corp. dn $ 0.44 at $ 52.46
Maple Leaf Foods up $ 0.30 at $ 30.51
Nutrien Ltd. up $ 0.38 at $126.79
Ritchie Bros Auctioneers Inc. dn $ 0.88 at $ 73.98
(All figures are in Canadian dollars.)
