Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Jan. 18 (MarketsFarm) – The Canadian dollar dipped slightly on Tuesday, as its United States counterpart gained strength. However, spikes in crude oil prices tempered further declines in the Canadian dollar.
The loonie closed at US$0.7981 or US$1=C$1.2529, compared to Monday’s close of US$0.7987 or US$1=C$1.2520.
On the U.S. Dollar Index, the greenback rose 0.584 a point at 95.745.
Benchmark crude oil prices were stronger on Tuesday, as they hit highs unseen since 2014 due to resilient demand and tight supplies.
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Brent crude oil gained US$1.68 at US$88.16 per barrel. West Texas Intermediate (WTI) crude oil jumped US$2.35 at US$86.17 per barrel. Western Canadian Select (WCS) bumped up 46 cents at US$71.71 per barrel.
At the close, the TSX Composite Index lost 262.88 points, or 1.22 per cent on Tuesday at 21,274.57, following the declines in the U.S. markets of 1.61 to 2.45 per cent.
Gold was down US$2.30 at US$1,814.20 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.07
Farmers Edge Inc. dn $ 0.05 at $ 2.99
Linamar Corp. dn $ 0.82 at $ 80.34
Maple Leaf Foods dn $ 0.18 at $ 28.70
Nutrien Ltd. up $ 1.26 at $ 92.87
Ritchie Bros Auctioneers Inc. dn $ 1.49 at $ 76.84
(All figures are in Canadian dollars.)
