WINNIPEG – The Canadian dollar took a small step back on Tuesday, one day before the Bank of Canada (BoC) is expected to announce its latest key interest rate hike.
The loonie closed at US$0.7611 or US$1=C$1.3139, down from US$0.7621 or US$1=C$1.3121 on Friday. The BoC did not publish an exchange rate on Monday due to the Labour Day holiday. On Wednesday, most analysts believe that Canada’s central bank will raise its key interest rate by 75 basis points to 3.25 per cent.
The United States Dollar Index jumped 0.72 of a point to 110.25.
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Crude oil prices went down on Tuesday due to risk-off sentiment and COVID-19 lockdowns in China. Brent crude oil fell US$3.06 per barrel to US$92.68. West Texas Intermediate (WTI) crude oil declined US$0.11 at US$86.76/barrel. Western Canadian Select (WCS) lost US$0.08 per barrel to US$66.02.
The TSX/S&P Composite Index dropped 182.58 points at 19,088.27.
Gold subtracted US$11.40 at US$1,711.20 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. up $ 0.04 at $ 2.13
Farmer’s Edge Inc. unchanged at $ 0.60
Linamar Corp. dn $ 0.11 at $ 62.61
Maple Leaf Foods dn $ 0.35 at $ 22.78
Nutrien Ltd. dn $ 1.58 at $119.24
Ritchie Bros Auctioneers Inc. dn $ 1.31 at $ 91.01
(All figures are in Canadian dollars.)
