By MarketsFarm
WINNIPEG, Nov. 12 (MarketsFarm) – The Canadian dollar was steady to lower on Tuesday, after dropping by nearly half a cent the week before.
The dollar finished the day at US$0.7560 or US$1=C$1.3228, compared to Monday when it closed at US$0.7563 or US$1=C$1.3223.
Financial markets were stronger as investors anticipated the likelihood of phase one of a trade deal between the United States and China. In a speech today, U.S. President Donald Trump said a deal could happen soon, and no agreement would result in significant tariff increases.
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The 10-year Treasury yield fell to 1.91 per cent, and Federal Reserve Chair Jerome Powell will address Congress tomorrow.
The TSX Composite Index closed higher by 26.55 points at 16,909.38. The S&P 500 gained 4.83 to close at 3,091.84. The Dow Jones was unchanged to finish at 27,691.49. The NASDAQ was up 21.81 to finish at 8,486.09.
Benchmark oil prices were steady today, waiting for tariff decisions that could impact future demand. Brent crude oil was down by 14 cents to close at US$60.04 per barrel. West Texas Intermediate (WTI) crude oil was down by nine cents to close at US$56.77 per barrel.
Canada’s agricultural sector fared as follows:
Buhler Industries unch at $ 3.60
Linamar Corp. dn $ 0.83 at $ 44.93
Maple Leaf Foods dn $ 0.33 at $ 22.38
Nutrien Ltd. up $ 0.64 at $ 64.75
Ritchie Bros Auctioneers Inc. up $ 0.03 at $ 55.49
(All figures are in Canadian dollars.)
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