WINNIPEG – The Canadian dollar held steady on Wednesday after drops in crude oil prices and newly released inflationary data from the United States.
The loonie was at US$0.8031 or US$1=C$1.2452 on Wednesday, down from Tuesday’s close of US$0.8033 or US$1=C$1.2449.
The U.S. Dollar Index jumped 0.95 of a point to 94.90. The annualized rate of inflation in the U.S. was at 6.2 per cent in October, the fastest annual pace since 1990. The consumer price index rose by 0.9 per cent since September for the largest monthly advance in four months.
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Benchmark crude oil prices fell on Wednesday due to the strengthening U.S. dollar and U.S. domestic crude inventories increasing to their highest levels since August. Brent crude oil dropped US$2.15 per barrel to US$82.63. West Texas Intermediate (WTI) crude oil tumbled US$2.85 to US$81.30/barrel. Western Canadian Select (WCS) crude oil fell US$4.31 to US$60.43/barrel.
The TSX/S&P Composite Index shed 132.59 points to 21,461.93.
As oil and stock prices declined, gold rallied US$19.81 per ounce to US$1,851.72.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.21
Farmer’s Edge Inc. dn $ 0.09 at $ 5.04
Linamar Corp. up $ 4.17 at $ 74.85
Maple Leaf Foods dn $ 0.13 at $ 30.99
Nutrien Ltd. dn $ 0.67 at $ 84.57
Ritchie Bros Auctioneers Inc. up $ 0.26 at $ 88.17
(All figures are in Canadian dollars.)
