WINNIPEG – The Canadian dollar closed Wednesday slightly higher as the United States dollar stepped back.
The loonie was at US$0.7888 or US$1=C$1.2677 on Wednesday, up from Tuesday’s close of US$0.7878 or US$1=C$1.2694.
The United States Dollar Index declined 0.38 of a point to 96.01. A report from ADP released on Wednesday showed a loss of 301,000 jobs from private payrolls in the U.S. during the month of January, the first drop in a year.
Benchmark crude oil prices were mixed on Wednesday after OPEC+ announced moderate supply hikes starting in March. Brent crude oil increased US$0.40 per barrel to US$89.56. Meanwhile, West Texas Intermediate (WTI) crude oil subtracted nine cents to US$88.11/barrel. Western Canadian Select (WCS) crude oil lost one cent at US$74.81/barrel.
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The TSX/S&P Composite Index increased 42.44 points to 21,362.36. Alphabet Inc., the parent company of Google which is traded on NASDAQ, closed the day with a valuation nearly worth US$2 trillion for the first time after reporting robust quarterly earnings.
Gold advanced US$5.70 per ounce to US$1,807.20.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 3.06
Farmer’s Edge Inc. dn $ 0.05 at $ 2.50
Linamar Corp. dn $ 0.57 at $ 70.35
Maple Leaf Foods up $ 0.03 at $ 30.96
Nutrien Ltd. up $ 0.72 at $ 93.51
Ritchie Bros Auctioneers Inc. up $ 0.11 at $ 78.41
(All figures are in Canadian dollars.)
