The Canadian dollar took a step back on Wednesday.
The loonie ended the day at US$0.6980 or US$1=C$1.4326, compared to US$0.6993 or US$1=C$1.4301 on Tuesday.
The United States Dollar Index gained 0.28 of a point at 103.53. The U.S. Federal Reserve announced earlier in the day that while it was leaving its key interest rates unchanged, it will consider rate cuts later this year.
Crude oil made slight gains while U.S. President Donald Trump met with 15 oil industry executives in the White House this afternoon to discuss the administration’s energy agenda. Brent crude oil was up US$0.34 at US$70.90 per barrel. West Texas Intermediate increased US$0.35 at US$67.25/barrel.
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The Fed’s interest rate decision provided a boost to the markets, including the TSX/S&P Composite Index which surged 363.14 points or 1.47 per cent at 25,069.21. Also, the S&P 500 gained 1.08 per cent, the Dow Jones added 0.92 per cent and the Nasdaq advanced 1.47 per cent.
Gold reached yet another all-time high at US$3,061.60 per ounce, up $20.80 from Tuesday.
Canada’s agricultural sector fared as follows:
Buhler Ind. dn $ 0.04 at $ 7.26
Farmer’s Edge Inc. unchanged at $ 0.345
Linamar Corp. dn $ 1.07 at $ 51.24
Maple Leaf Foods up $ 0.04 at $ 25.04
Nutrien Ltd. up $ 0.53 at $ 75.01
RB Global Inc. up $ 3.00 at $142.06
(All figures are in Canadian dollars.)
