By Commodity News Service Canada
WINNIPEG, October 25 – The Canadian dollar dropped sharply
in relation to its US counterpart on Wednesday, after the Bank
of Canada announced it would not be cutting the country’s key
lending rate. The BoC has already raised interest rates twice in
2017.
Gains in gold bullion and natural gas also supported the
loonie.
Traders are now looking ahead to a European Central Bank
meeting on Thursday to get a better sense of where the euro
could be headed.
The Canadian dollar settled on Wednesday at US$0.7830 cents
or C$1.2771, compared to Tuesday’s North American close of
US$0.7895 or C$1.6640.
In Toronto, the S&P/TSX Composite Index fell 50.37 points,
or 0.32% to 15,854.77.
Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–up $ 0.22 at $ 20.50
Agrium Incorporated———-up $ 0.81 at $140.95
Buhler Industries————– $ 0.00 at $ 4.45
Maple Leaf Foods————-up $ 0.23 at $ 32.43
Potash Corp. of Sask———up $ 0.11 at $ 25.14
(All figures are in Canadian dollars.)
