By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The Canadian dollar was stronger on Wednesday, as currency markets reacted to the latest inflation data out of the United States.
The Canadian dollar settled at US$0.7345 or US$1=C$1.3615 on Wednesday, which compares with Tuesday’s close of US$0.7324 or US$1=C$1.3653.
The U.S consumer price index was up by 0.3 per cent in April, which compares with the 0.4 per cent growth reported the previous two months. Annual inflation slowed to 3.4 per cent, from 3.5 per cent in March, with the slowing rate seen as adding to expectations for an interest rate cut from the Federal Reserve sometime in the next few months.
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Canadian manufacturing sales were down by 2.1 per cent in March compared to the previous month at C$69.9 billion, according to a report from Statistics Canada.
West Texas Intermediate crude oil was stronger, up 1.06 per cent at US$78.85 per barrel.
The TSX Composite Index was up by 41.42 points to close at 22,284.76 points.
Canada’s agricultural sector performed as follows:
Buhler Ind.———————- $ 0.00 at $ 2.17
Linamar Corp.——————–up $ 0.15 at $ 71.81
Maple Leaf Foods—————–dn $ 0.37 at $ 23.87
Nutrien Ltd.———————dn $ 0.47 at $ 78.02
RB Global Inc.——————-dn $ 0.58 at $103.51
Farmers Edge Inc.—————- $ 0.00 at $ 0.345
(All figures are in Canadian dollars.)
