WINNIPEG – The Canadian dollar fell hard on Thursday due to a strengthening United States dollar and fears of a recession later this year.
The loonie closed at US$0.7612 or US$1=C$1.3138, down from US$0.7707 or US$1=C$1.2976 on Wednesday. Yesterday, the Bank of Canada (BoC) raised its key interest rate by one full point to 2.5 per cent, its highest interest rate increase since August 1998.
The United States Dollar Index jumped 0.73 of a point to 108.69.
After continuing to fall earlier in the day, crude oil prices found its way to finish the day in the black despite settling below US$100 per barrel. Brent crude oil increased US$0.23 per barrel at US$99.80. West Texas Intermediate (WTI) crude oil added US$0.11 at US$96.41/barrel. Western Canadian Select (WCS) grew US$0.62 per barrel to US$75.16.
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The TSX/S&P Composite Index took a tumble on Thursday, losing 286.13 points at 18,329.06.
Gold plunged US$27.40 at US$1,708.10 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.34
Farmer’s Edge Inc. dn $ 0.06 at $ 1.43
Linamar Corp. dn $ 1.13 at $ 53.23
Maple Leaf Foods dn $ 0.69 at $ 25.53
Nutrien Ltd. dn $ 3.85 at $ 94.23
Ritchie Bros Auctioneers Inc. up $ 9.23 at $ 87.54
(All figures are in Canadian dollars.)
