Canadian Financial Close: Loonie up with oil

By Commodity News Service Canada

WINNIPEG, May 30 (CNS) – The Canadian dollar rose in value
Wednesday, supported by gains in the price of oil.

The Canadian dollar settled Wednesday at US$0.7754 or
C$1.2897, compared to Tuesday’s North American close of
US$0.7680 or C$1.3020.

The dollar was also supported by comments from the Bank of
Canada that it will be making future rate hikes.

Oil prices climbed on Wednesday, rebounding from a four-day
slump as Russia’s central bank expressed caution on plans to
boost oil supply and analyst forecast a drawdown in United
States crude inventories. Brent crude rose US$2.11, or 2.8 per
cent, to US$77.50 per barrel.

In Toronto, the TSX/S&P Composite gained Wednesday,
supported by gains in the price of oil. The TSX/S&P advanced
126.05 points, or 0.79 per cent, to 16,048.66.

Canada’s agricultural sector performed as follows:

AGT Food and Ingredients—–up $ 0.03 at $ 15.97
Buhler Industries————unchanged at $ 3.61
Maple Leaf Foods————-up $ 0.33 at $ 30.33
Nutrien Ltd.—————–up $ 0.56 at $ 65.77

(All figures are in Canadian dollars.)

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