By MarketsFarm
WINNIPEG, Oct. 20 (MarketsFarm) – The Canadian dollar was stronger on Wednesday, hitting its highest level relative to its United States counterpart in over three months.
The Canadian dollar closed at US$0.8111 or US$1=C$1.2329 on Wednesday, which compares with Tuesday’s North American close of US$0.8093 or US$1=C$1.2357.
Canada’s annual rate of inflation hit 4.4 per cent in September, marking the highest level in 18 years, according to a report from Statistics Canada. The strong inflation rate added to expectations that an interest rate hike from the Bank of Canada may come sooner rather than later.
Advances in crude oil contributed to the firmer tone in the energy-linked Canadian dollar. West Texas Intermediate was up by 1.55 per cent, at US$84.25 per barrel.
The TSX Composite Index was stronger, up 101.20 points, or 0.48 per cent, to close at 21,188.19 points.
Canada’s agricultural sector performed as follows:
Buhler Industries—————- $ 0.00 at $ 3.21
Linamar Corp.——————–up $ 0.17 at $ 69.03
Maple Leaf Foods—————–up $ 0.14 at $ 27.67
Nutrien Ltd.———————dn $ 0.30 at $ 88.48
Ritchie Bros Auctioneers Inc.—-dn $ 1.13 at $ 82.97
Farmers Edge Inc.—————-dn $ 0.16 at $ 4.90
(All figures are in Canadian dollars.)
