By MarketsFarm
WINNIPEG, Aug. 16 (MarketsFarm) – The Canadian dollar was stronger on Tuesday, seeing a modest correction after Monday’s sharp drop relative to its United States counterpart.
The Canadian dollar settled at US$0.7772 or US$1=C$1.2867 on Tuesday, which compares with Monday’s close of US$0.7747 or US$1=C$1.2908.
Canada’s annual rate of inflation came in at 7.6 per cent in July, which was down from 8.1 per cent the previous month, according to a report from Statistics Canada. While inflation was easing, it was still well above the Bank of Canada’s target of two per cent.
Crude oil was weaker, with West Texas Intermediate crude oil down by 2.94 per cent at US$86.78 per barrel.
The TSX Composite Index was higher, up 89.37 points or 0.44 per cent to close at 20,269.97 points.
Canada’s agricultural sector performed as follows:
Buhler Ind.———————-up $ 0.03 at $ 2.25
Linamar Corp.——————–up $ 1.80 at $ 66.40
Maple Leaf Foods—————–up $ 0.42 at $ 23.45
Nutrien Ltd.———————up $ 2.06 at $117.43
Ritchie Bros Auctioneers Inc.—-dn $ 0.82 at $ 90.90
Farmers Edge Inc.—————- $ 0.00 at $ 0.98
(All figures are in Canadian dollars.)
