Canadian Financial Close: Loonie holds firm as Greenback slips

By MarketsFarm

WINNIPEG, July 17 (MarketsFarm) – The Canadian dollar was steady at market close on Wednesday, as the United States dollar lost ground due lower bond yields and the expectation the U.S. Federal Reserve was to lower interest rates.

The loonie finished the day at US$0.7661 or US$1=C$1.3053, which compares with Tuesday’s close of US$0.7662 or C$1.3052.

The loonie also benefitted from Canadian economic news. Inflation was down 2.0 per cent in June, down from 2.4 in May.

Benchmark oil prices were down Wednesday, as the U.S. Energy Information Administration reported gasoline stocks increased by 3.6 million barrels. Analysts had predicted a drop of 925,000 barrels.

Brent crude oil was down 93 cents to close at US$63.42 per barrel. West Texas Intermediate (WTI) crude oil dropped US$1.09 to close at US$56.53 per barrel.

As of July 16, Western Canadian Select (WCS) crude oil was down 18 cents at US$48.67 per barrel. On Tuesday, the WCS/WTI price differential shrunk by US$1.78 at US$8.95 per barrel.

The TSX/S&P Composite Index lost 18.21 points on Wednesday and finished at 16,484.21.

Gold jumped US$16.70 on Wednesday to close at US$1,427.90 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries dn $ 0.18 at $ 3.30
Linamar Corp. dn $ 1.19 at $ 44.10
Maple Leaf Foods up $ 0.17 at $ 29.58
Nutrien Ltd. dn $ 0.03 at $ 66.62
Ritchie Bros Auctioneers Inc. dn $ 0.12 at $ 46.86
Rocky Mountain Dealerships Inc. dn $ 0.04 at $ 7.56
(All figures are in Canadian dollars.)

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