Canadian Financial Close: Loonie rises with oil and TSX

By Commodity News Service Canada

WINNIPEG, March 21 – The Canadian dollar rose Wednesday,
supported by gains in the stock market and price of oil.

The Canadian dollar settled Wednesday at US$0.7717 or
C$1.2958, compared to Tuesday’s North American close of
US$0.7647 or C$1.3077.

The United States Federal Reserve raised interest rates
Wednesday and forecasted at least two more hikes for 2018,
signalling a growing confidence the U.S. economy. The Federal
Reserve raised its benchmark overnight lending rate by a quarter

Oil prices hit a six-week high Wednesday, closing in on a
three-year peak set in late January, supported by a surprise
decline in United States inventories, strong compliance on
Organization of Petroleum Exporting Country production cuts, and
a persistent concern related to the Iran nuclear deal. Brent
crude rose US$2.05, or three per cent, to settle at US$69.47 per
barrel.

In Toronto, the TSX/S&P Composite rose Wednesday, supported
by higher oil prices boosting energy shares the Federal Reserve
having signaled growing confidence in the U.S. economic outlook.
The TSX/S&P rose 58.92 points, or 0.38 per cent, to 15,675.28.

Canada’s agricultural sector performed as follows:

AGT Food and Ingredients—–dn $ 0.30 at $ 16.24
Buhler Industries————unchanged at $ 4.11

(All figures are in Canadian dollars.)

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