Canadian Financial Close: Loonie barely budges

WINNIPEG – The Canadian dollar was virtually unchanged on Wednesday as strength for the loonie from a weaker United States dollar was effectively countered by a round of sharp losses in crude oil.

The loonie closed at US$0.7467 or US$1=C$1.3392, compared to Tuesday’s close of US$0.7465 or US$1=C$1.3396.

On the U.S. Dollar Index, the greenback incurred a steep pull back of 1.125 points at 105.990. The decline came after the Federal Reserve said it would consider slowing the pace of interest rate increases.

Benchmark crude oil prices were weaker on Wednesday as U.S. stocks of gasoline and distillate increased even though crude inventories shrunk.

Brent crude oil fell US$3.59 at US$84.77 per barrel. West Texas Intermediate (WTI) crude oil gave up US$3.51 at US$77.44/barrel. Western Canadian Select (WCS) dropped US$3.27 at US$50.75/barrel.

The TSX Composite Index made a small advance of 62.25 points to finish Wednesday at 20,282.26.

Gold added US$11.20 at US$1,751.10 per ounce.

The U.S. markets will be closed Thursday for the Thanksgiving holiday.

Canada’s agricultural sector fared as follows:

Buhler Industries                unchanged      at $  1.85

Farmers Edge Inc.                up  $ 0.02     at $  0.32

Linamar Corp.                    up  $ 0.46     at $ 65.70

Maple Leaf Foods                 up  $ 0.57     at $ 24.95

Nutrien Ltd.                     dn  $ 1.43     at $106.82

Ritchie Bros Auctioneers Inc.    dn  $ 1.29     at $ 71.55

(All figures are in Canadian dollars.)