WINNIPEG – The Canadian dollar moved slightly upward on Tuesday while crude oil surged.
The loonie was at US$0.7736 or US$1=C$1.2927 on Tuesday, up from Monday’s close of US$0.7727 or US$1=C$1.2942. Retail sales increased in Canada by 1.2 per cent in November, according to a report from Statistics Canada released on Tuesday.
The United States Dollar Index slipped 0.06 of a point to 96.49. President Joe Biden announced today the U.S. government will send 500 million rapid COVID-19 tests via the U.S. Postal Service in an effort to restrain the spread of the Omicron variant.
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Benchmark crude oil prices rebounded on Tuesday despite fears of new COVID-19 shutdowns. Brent crude oil jumped US$2.69 per barrel to US$74.21. West Texas Intermediate (WTI) crude oil advanced US$2.81 to US$71.48/barrel. Western Canadian Select (WCS) crude oil rose US$2.40 at US$56.39/barrel.
After losing more than 200 points on Monday, the TSX/S&P Composite Index had its best day since February, gaining a whopping 386.66 points to 20,924.87.
Gold decreased US$5.50 per ounce to US$1,789.10.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.95
Farmer’s Edge Inc. dn $ 0.05 at $ 3.38
Linamar Corp. up $ 2.01 at $ 72.41
Maple Leaf Foods up $ 0.06 at $ 29.03
Nutrien Ltd. up $ 3.11 at $ 93.24
Ritchie Bros Auctioneers Inc. up $ 0.94 at $ 78.78
(All figures are in Canadian dollars.)
