By MarketsFarm
WINNIPEG, Dec. 17 (MarketsFarm) – The Canadian dollar was slightly lower at market close on Tuesday, as a decline in manufacturing sales outweighed increases in crude oil prices.
The loonie finished the day at US$0.7599 or US$1=C$1.3160, which compares with Monday’s close of US$0.7609 or C$1.3142.
Statistics Canada reported today that manufacturing sales were unexpectedly down 0.7 per cent in October, largely due to the United Auto Workers strike at General Motors plants in the United States. The labour dispute resulted in fewer transportation-related sales in Canada.
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Also of note, Statistics Canada releases its inflation report for November on Wednesday.
Benchmark oil prices were higher on Tuesday, from optimism towards the U.S./China trade deal, although that has started to wane. Also providing support were increased production cuts by OPEC, Russia and their oil-producing allies. Effective Jan. 1, cuts will increase from 1.2 million barrels per day to 1.7 million.
Brent crude oil gained 81 cents to close at US$66.15 per barrel, and West Texas Intermediate (WTI) rose 67 cents at US$60.88 per barrel. Meanwhile, Western Canada Select jumped US$2.20 to close at US$40.38 per barrel.
The TSX/S&P Composite Index finished slightly higher on Tuesday by 23.65 to close at 17,080.01 points.
Gold slipped 19 cents on Tuesday to close at US$1,476.07 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.60
Linamar Corp. up $ 0.42 at $ 48.48
Maple Leaf Foods dn $ 0.04 at $ 25.52
Nutrien Ltd. up $ 0.07 at $ 63.83
Ritchie Bros Auctioneers Inc. up $ 0.31 at $ 56.89
Rocky Mountain Dealerships Inc. up $ 0.08 at $ 6.39
(All figures are in Canadian dollars.)
