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Canadian Financial Close: Loonie falls with price of oil

WINNIPEG, MB, Dec. 6, 2017 (CNS Canada), Dec 06, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

WINNIPEG, Dec. 6 - The Canadian dollar fell slightly at close Wednesday as the price of oil hit its lowest price in more than a month.

United States crude slid nearly three per cent Wednesday, marking its biggest decline in more than two months. A sharp rise in U.S. inventories of refined fuel suggested demand may be flagging. Brent crude futures ended down US$1.64, or 2.6 per cent, to US$61.22 for its lowest close since Nov. 2.

The Bank of Canada left its interest rates steady Wednesday as had been expected. The bank reiterated its pledge to be cautious, but said more hikes will be required over time amid diminishing slack in the labour market and signs of inflation pressures.

The Canadian dollar settled Wednesday at US$0.7839 or C$1.2757, compared to Tuesday's North America close of US$0.7886 or C$1.2680.

In Toronto, the S&P/TSX Composite Index dropped Wednesday by 5.05, or 0.03 per cent, to 15,910.63.

     Canada's agricultural sector performed as follows:
     AGT Food and Ingredients-----dn  $ 0.36    at $ 19.15
     Agrium Incorporated----------dn  $ 1.06    at $133.83
     Buhler Industries------------unchanged     at $  4.60
     Maple Leaf Foods-------------up  $ 0.24    at $ 35.82
     Potash Corp. of Sask---------dn  $ 0.22    at $ 23.85

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