Canadian Financial Close: Weaker U.S. dollar sees rise in loonie

By MarketsFarm

WINNIPEG, July 22 (MarketsFarm) – The Canadian dollar was slightly higher on Wednesday as the United States Dollar Index dipped.

The loonie finished at US$0.7452 or US$1=C$1.3420, compared to Tuesday when it closed at US$0.7437 or US$1=C$1.3446.

The index edged down 0.17 per cent against other major world currencies at 94.900.

The loonie also held up against the Statistics Canada report that said the consumer price index this June was up 0.7 per cent compared to the previous June.

Benchmark crude oil prices were steady on Wednesday, with pressure from higher than expected United States crude inventories and the ongoing row between the U.S. and China. Support came from continued production cuts by nearly all of the members of the OPEC+ alliance.

Brent crude oil slipped seven cents at US$44.25 per barrel. West Texas Intermediate (WTI) crude oil was down nine cents at US$41.83 per barrel. Western Canadian Select (WCS) dipped nine cents at US$32.37 per barrel.

Gold pushed higher by US$26.40 at US$1,868.32 per ounce.

The TSX Composite Index was largely flat, finishing with a small increase of 8.10 points on Wednesday to close at 16,171.06.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.75
Linamar Corp. up $ 1.95 at $ 40.81
Maple Leaf Foods dn $ 0.15 at $ 27.15
Nutrien Ltd. up $ 0.11 at $ 44.40
Ritchie Bros Auctioneers Inc. up $ 2.95 at $ 60.35
Rocky Mountain Dealerships Inc. dn $ 0.12 at $ 3.87
(All figures are in Canadian dollars.)

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