By MarketsFarm
WINNIPEG, July 8 (MarketsFarm) – The Canadian dollar jumped a quarter of a cent on Wednesday, following the fiscal update from Canadian Minister of Finance Bill Morneau.
The loonie finished the day at US$0.7387 or US$1=C$1.3538, compared to Tuesday when it closed at US$0.7362 or US$1=C$1.3583.
Morneau forecast the country’s deficit will balloon to C$343 billion, far more than the C$250 billion economic analysts predicted. Federal aid to businesses and individuals, due to the COVID-19 pandemic along with a deep recession, saw federal spending reach levels unseen since the Second World War.
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The TSX Composite Index was up 33.69 points on Wednesday, to close at 15,629.19.
Benchmark crude oil prices were slightly higher on Wednesday, getting support from a bounce in the stock markets. However, an oil glut in the United States kept a lid on further gains.
Brent crude oil increased 18 cents at US$43.26 per barrel. West Texas Intermediate (WTI) crude oil rose 24 cents at US$40.86 per barrel. Western Canadian Select (WCS) was up 17 cents at US$33.25 per barrel.
Gold gained US$14.13 at US$1,808.99 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.47
Linamar Corp. dn $ 0.37 at $ 37.19
Maple Leaf Foods dn $ 0.43 at $ 28.12
Nutrien Ltd. dn $ 1.41 at $ 42.93
Ritchie Bros Auctioneers Inc. dn $ 0.05 at $ 55.74
Rocky Mountain Dealerships Inc. dn $ 0.02 at $ 4.23
(All figures are in Canadian dollars.)
