By MarketsFarm
WINNIPEG, April 15 (MarketsFarm) – The Canadian dollar was lower Wednesday following the Bank of Canada’s announcement on its key interest rate.
The dollar finished the day at US$0.7099 or US$1=C$1.4086, compared to Tuesday when it closed at US$0.7192 or US$1=C$1.3904.
Canada’s central bank froze its key rate at 0.25 per cent on Wednesday and announced plans to purchase tens of billions of dollars of assets. As well, the bank suggested the Canadian economy could be in for a very rough ride in the coming months, should the COVID pandemic force the lockdown to continue.
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That saw the TSX Composite Index drop 299.85 points to close at 13,958.58.
Benchmark crude oil prices were steady to lower on Wednesday. There are growing fears global oil production, even with the cuts agreed to earlier this week, will out strip storage capacity within weeks.
Brent crude oil was down US$1.70 to close at US$27.90 per barrel. West Texas Intermediate crude oil was up nine cents at US$20.20 per barrel. Meanwhile, Western Canadian Select gained US$1.77 at US$7.48 per barrel.
Gold lost $10.31 at 1,716.45 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.70
Linamar Corp. dn $ 1.60 at $ 32.29
Maple Leaf Foods dn $ 0.17 at $ 25.02
Nutrien Ltd. dn $ 0.39 at $ 48.82
Ritchie Bros Auctioneers Inc. dn $ 1.57 at $ 54.52
Rocky Mountain Dealerships Inc. dn $ 0.14 at $ 4.14
(All figures are in Canadian dollars.)
