WINNIPEG – The Canadian dollar fell on Tuesday as the United States dollar received a boost ahead of a major announcement by the U.S. Federal Reserve tomorrow.
The loonie closed at US$0.7762 or US$1=C$1.2883, down from US$0.7781 or US$1=C$1.2852 on Monday. The Fed will announce its latest key interest rate hike on Wednesday. In anticipation, the U.S. Dollar Index jumped 0.75 of a point to 107.23.
Crude oil prices were lower on Tuesday ahead of tomorrow’s rate hike, which some fear could bring the economy in, if not close to a recession. Brent crude oil declined US$0.95 per barrel at US$104.20. West Texas Intermediate (WTI) crude oil fell US$1.73 at US$94.97/barrel. Western Canadian Select (WCS) moved downward US$1.70 per barrel to US$74.56.
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The TSX/S&P Composite Index lost Monday’s gains and then some, dropping 131.80 points at 18,972.68.
Gold subtracted US$3.50 at US$1,715.60 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.39
Farmer’s Edge Inc. dn $ 0.15 at $ 1.32
Linamar Corp. dn $ 1.03 at $ 56.38
Maple Leaf Foods dn $ 0.39 at $ 25.95
Nutrien Ltd. up $ 1.03 at $106.35
Ritchie Bros Auctioneers Inc. up $ 0.14 at $ 88.98
(All figures are in Canadian dollars.)
