WINNIPEG – The Canadian dollar had crossed another threshold before settling below it on Wednesday amidst rising retail sales and as the House of Commons will debate back-to-work legislation for striking workers at the Port of Montreal later tonight.
Despite trading above US$0.81 at one point, the loonie closed at US$0.8093 or US$1=C$1.2357 on Wednesday, up from Tuesday’s close at US$0.8063 or US$1=C$1.2403. Meanwhile, the United States Dollar Index declined by 0.33 points to 90.58.
Benchmark crude oil prices continued to increase on Wednesday. Brent crude oil gained US$0.75 per barrel to US$67.17. West Texas Intermediate (WTI) crude oil jumped by US$0.81 to US$63.75/barrel. Western Canadian Select (WCS) crude oil went up by US$0.54 to US$51.67/barrel.
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The TSX Composite Index rallied by 181.86 points to 19,356.95. In the U.S., the Federal Reserve announced in a statement it will hold interest rates. U.S. President Joe Biden will announce a US$1.8 trillion plan to invest into children, families and education during his speech to Congress tonight.
Gold rose by US$5.81 per ounce to US$1,782.41.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.31 at $ 3.80
Farmer’s Edge Inc. up $ 0.34 at $ 17.85
Linamar Corp. up $ 0.51 at $ 75.95
Maple Leaf Foods dn $ 0.26 at $ 27.92
Nutrien Ltd. up $ 0.52 at $ 69.39
Ritchie Bros Auctioneers Inc. dn $ 0.18 at $ 78.58
(All figures are in Canadian dollars.)
