By Commodity News Service Canada
WINNIPEG, November 30 – The Canadian dollar inched higher
against its US counterpart on Wednesday. Both the loonie and
American greenback took strength from surging crude oil prices.
Some analysts speculate inflation and interest rates could
increase in the months ahead if crude retains its bullish
influence.
The Canadian dollar closed at C$0.7447 or US$1.3429,
compared to Tuesday’s close of C$0.7442 or US$1=C$1.3437.
The S&P/TSX Composite Index finished higher on the back of
the oil rally. The energy sector recorded a massive gain of 7.9%
on the day.
Banking stocks were mixed on the news while the banking
sector saw some declines.
The index was up 83.04 points or 0.6% to 15,082.85.
Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–up $ 0.67 at $ 37.20
Agrium Incorporated———-up $ 3.43 at $135.39
Buhler Industries————– $ 0.00 at $ 4.80
Maple Leaf Foods————-up $ 0.32 at $ 29.26
Potash Corp. of Sask———up $ 0.92 at $ 24.50
(All figures are in Canadian dollars.)
