By MarketsFarm
WINNIPEG, Oct. 20 (MarketsFarm) – The Canadian dollar was slightly stronger on Tuesday, following reports that Canada’s economy has rebounded quicker than its United States counterpart.
The dollar finished the day at US$0.7612 or US$1=C$1.3138, compared to Monday when it closed at US$0.7596 or US$1=C$1.3165.
While job markets in the U.S. and Canada are a long way from recovering, Canada’s rate of recovery has pulled ahead since June. “This coincided with a divergence of pandemic trajectories in each country, with new cases dropping in Canada early in the month, while new cases started rising in the U.S. a few weeks later,” said Brendon Bernard, an economist at job search site Indeed, to Yahoo Finance Canada.
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The TSX Composite Index was unchanged on the day, closing at 16,273.26.
Benchmark crude oil prices were slightly higher on Tuesday. West Texas Intermediate (WTI) was up by 68 cents to close at US$41.51. Brent Crude gained 34 cents at US$42.96.
Canada’s agricultural sector fared as follows:
Buhler Int. dn $ 0.08 at $ 2.41
Linamar Corp. up $ 1.76 at $ 46.96
Maple Leaf Foods dn $ 0.14 at $ 24.70
Nutrien Ltd. up $ 0.42 at $ 53.18
Ritchie Bros Auctioneers Inc. dn $ 0.52 at $ 81.95
Rocky Mountain Dealerships Inc. dn $ 0.05 at $ 5.52
(All figures are in Canadian dollars.)
