By MarketsFarm
WINNIPEG, Jan. 20 (MarketsFarm) – The Canadian dollar was stronger on Wednesday, following the decision by the Bank of Canada not to cut its key interest rate.
The dollar finished at US$0.7901 or US$1.2656, compared to Tuesday’s close of US$0.7852 or US$1=C$1.2735.
Bank of Canada Governor Tiff Macklem kept the rate at 0.25 per cent. Also, he said the central bank has been acquiring financial assets to help keep long-term rates low. However, he suggested the bank could sell off some of those assets when the Canadian economy improves.
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Benchmark crude oil prices were mixed Wednesday with support from speculation the new Biden administration adding more stimulus to the country’s economy. However, concerns about the surge of COVID-19 cases impeding global economic growth weighed on values.
Brent crude oil slipped eight cents at US$55.82 per barrel. West Texas Intermediate (WTI) crude oil was up 26 cents at US$53.24/barrel. Meanwhile, Western Canadian Select (WCS) crude oil was down 17 cents at US$39.08/barrel.
The TSX Composite Index was up 57.54 points on Tuesday to finish at 18,014.91.
Gold leapt US$30.10 at US$1,870.30 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.68
Linamar Corp. up $ 1.16 at $ 73.90
Maple Leaf Foods up $ 0.03 at $ 25.86
Nutrien Ltd. dn $ 0.58 at $ 67.46
Ritchie Bros Auctioneers Inc. dn $ 0.09 at $ 79.09
(All figures are in Canadian dollars.)
