WINNIPEG – The Canadian dollar fell to its lowest level in three weeks the day after the Bank of Canada (BoC) announced it was holding its key interest rate at 0.25 per cent.
The loonie was at US$0.7867 or US$1=C$1.2712 on Thursday, down from Wednesday’s close of US$0.7933 or US$1=C$1.2606. Both the BoC and the United States Federal Reserve announced on Wednesday they were keeping their interest rates steady for the time being, but both signaled increases to counter inflation in the coming months.
A strengthening greenback allowed the U.S. Dollar Index to jump 1.30 of a point to 97.25, its highest level since June 2020.
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Benchmark crude oil prices were down on Thursday. Brent crude oil slipped US$0.18 per barrel to US$89.78. West Texas Intermediate (WTI) crude oil dropped US$0.30 to US$87.05/barrel. Western Canadian Select (WCS) crude oil increased US$0.64 at US$74.27/barrel.
The TSX/S&P Composite Index declined 51.78 points to 20,544.11.
Gold nosedived US$35.50 per ounce to US$1,796.50, continuing its drop after the Fed’s announcement.
Canada’s agricultural sector fared as follows:
Farmer’s Edge Inc. dn $ 0.01 at $ 2.76
Linamar Corp. up $ 1.15 at $ 69.07
Maple Leaf Foods up $ 0.09 at $ 29.55
Nutrien Ltd. dn $ 0.44 at $ 88.31
Ritchie Bros Auctioneers Inc. dn $ 1.52 at $ 73.74
(All figures are in Canadian dollars.)
