WINNIPEG – The Canadian dollar dipped below 78 United States cents on Wednesday for the first time since March 8, mainly due to a strengthening U.S. greenback.
The loonie closed at US$0.7795 or US$1=C$1.2828, down from Tuesday’s close of US$0.7814 or US$1=C$1.2797.
The U.S. Dollar Index gained 0.67 of a point at 102.97 after hitting 103.28 earlier in the day, the highest level since December 2002.
Crude oil made gains after Germany indicated support for a gradual ban on Russian oil products. Earlier in the day, Russian energy company Gazprom cut off supplies to Poland and Bulgaria because both countries refused to pay in rubles. Brent crude oil gained US$0.29 per barrel at US$105.28. West Texas Intermediate (WTI) crude oil increased US$0.42 at US$102.13/barrel. Meanwhile, Western Canadian Select (WCS) declined US$0.64 to US$89.07.
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The TSX/S&P Composite Index regained a portion of its losses from Tuesday, advancing 53.42 points to 20,744.23.
Gold fell US$18.10 per ounce to US$1,886.00.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.55
Farmer’s Edge Inc. dn $ 0.09 at $ 2.65
Linamar Corp. up $ 1.17 at $ 49.20
Maple Leaf Foods up $ 0.20 at $ 27.63
Nutrien Ltd. up $ 2.82 at $129.63
Ritchie Bros Auctioneers Inc. up $ 1.03 at $ 71.13
(All figures are in Canadian dollars.)
