WINNIPEG – The Canadian dollar increased on Wednesday due to a weakened United States dollar, new inflation data and rising crude oil prices.
The loonie was at US$0.7905 or US$1=C$1.2651 on Wednesday, up from Tuesday’s close of US$0.7898 or US$1=C$1.2661. Statistics Canada reported on Wednesday that inflation rose to 4.1 per cent in August, its highest level since 2003.
The U.S. Dollar Index was down 0.14 of a point at 92.48.
Benchmark crude oil prices jumped on Wednesday as U.S. crude oil inventories were lower than expected. Brent crude oil rose US$1.86 per barrel to US$75.46. West Texas Intermediate (WTI) crude oil surged US$2.17 to US$72.63/barrel. Western Canadian Select (WCS) crude oil advanced US$1.88 to US$60.49/barrel.
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The TSX/S&P Composite Index recovered yesterday’s losses by gaining 140.54 points to 20,693.79.
Meanwhile, gold suffered a reversal of fortune by dropping US$10.99 per ounce to US$1,793.52.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.01 at $ 3.22
Farmer’s Edge Inc. up $ 0.01 at $ 4.77
Linamar Corp. up $ 0.72 at $ 69.36
Maple Leaf Foods up $ 0.11 at $ 27.11
Nutrien Ltd. up $ 2.73 at $ 80.15
Ritchie Bros Auctioneers Inc. up $ 0.46 at $ 80.72
(All figures are in Canadian dollars.)
