Canadian Financial Close: Loonie, Canada’s GDP climb

WINNIPEG, March 2 (MarketsFarm) – The Canadian dollar strengthened against the U.S. dollar on Tuesday after a Statistics Canada report showed that its gross domestic product (GDP) increased 0.5 per cent in January. In 2020, the economy contracted by 5.4 per cent.

The loonie finished at US$0.7920 or US$1=C$1.2626, compared to Monday’s close of US$0.7898 or US$1=C$1.2661. On the U.S. Dollar Index, the greenback moved downward by 0.25 at 90.790 points.

Benchmark crude oil prices slightly decreased on Tuesday, two days before OPEC+ nations meet to discuss the easing of planned production cuts.

Brent crude oil tumbled by US$1.07 at US$62.62 per barrel. West Texas Intermediate (WTI) crude oil fell by US$1.02 at US$59.62/barrel. Western Canadian Select (WCS) crude oil dropped by US$0.41 at US$48.49/barrel.

The TSX Composite Index continued to gain on Tuesday on the strength of Statistics Canada’s recent numbers, moving up by 121.98 at 18,421.60.

Gold jumped by US$10.78 at US$1,735.82 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries dn $ 0.04 at $ 3.02
Linamar Corp. dn $ 1.80 at $ 72.24
Maple Leaf Foods dn $ 0.36 at $ 25.77
Nutrien Ltd. dn $ 0.14 at $ 70.26
Ritchie Bros Auctioneers Inc. dn $ 2.53 at $ 66.30

(All figures are in Canadian dollars.)

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