WINNIPEG – The Canadian dollar was lifted on Wednesday after the Bank of Canada (BoC) announced it was ending its pandemic bond-buying stimulus program.
The loonie was at US$0.8092 or US$1=C$1.2358 on Wednesday, up slightly from Tuesday’s price of US$0.8080 or US$1=C$1.2376. The BoC also announced it plans to raise key interest rates by April 2022 in an effort to ease inflation. The United States Dollar Index was down 0.07 of a point at 93.88.
Benchmark crude oil prices tumbled on Wednesday amidst reports Iran and the European Union will meet within a month for nuclear talks. Brent crude oil dropped US$2.27 per barrel to US$84.13. West Texas Intermediate (WTI) crude oil declined US$2.57 to US$82.08/barrel. Meanwhile, Western Canadian Select (WCS) crude oil fell US$2.87 to US$65.98/barrel.
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The TSX/S&P Composite Index had a downturn after the BoC’s announcement, losing 218.46 points to 20,954.99.
Gold increased US$4.09 per ounce to US$1,797.00.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.20
Farmer’s Edge Inc. up $ 0.03 at $ 4.88
Linamar Corp. dn $ 1.02 at $ 67.10
Maple Leaf Foods dn $ 0.34 at $ 26.85
Nutrien Ltd. dn $ 0.69 at $ 86.36
Ritchie Bros Auctioneers Inc. dn $ 0.79 at $ 83.21
(All figures are in Canadian dollars.)
