WINNIPEG – The Canadian dollar ended the week lower on Friday after an announcement by United States Federal Reserve chair Jerome Powell.
The loonie closed at US$0.7699 or US$1=C$1.2988, down from US$0.7730 or US$1=C$1.2937 on Thursday.
At the Kansas City Fed’s annual policy forum in Jackson Hole, Wy., Powell announced the central bank’s intentions to continue raising interest rates in an effort to fight inflation.
The United States Dollar Index gained 0.36 of a point to 108.83.
Crude oil prices were higher on Friday as the result of shrinking stockpiles in the U.S. Brent crude oil rose US$1.34 per barrel to US$100.68. West Texas Intermediate (WTI) crude oil added US$0.33 at US$92.85/barrel. Meanwhile, Western Canadian Select (WCS) eased off US$0.31 per barrel to US$73.04.
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Powell’s remarks caused North American stock markets to plunge, including the TSX/S&P Composite Index which lost 299.05 points at 19.873,29.
Gold fell US$21.40 at US$1,750.00 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. dn $ 0.05 at $ 1.92
Farmer’s Edge Inc. dn $ 0.03 at $ 0.62
Linamar Corp. dn $ 1.15 at $ 61.42
Maple Leaf Foods dn $ 0.42 at $ 23.00
Nutrien Ltd. dn $ 0.55 at $130.88
Ritchie Bros Auctioneers Inc. dn $ 0.80 at $ 90.64
(All figures are in Canadian dollars.)
