WINNIPEG – The Canadian dollar jumped on Tuesday ahead of tomorrow’s interest rate announcement from the Bank of Canada (BoC).
The loonie closed at US$0.7332 or US$1=C$1.3638, up from US$0.7288 or US$1=C$1.3722 on Monday. The BoC will announce on Wednesday it will raise its policy rate, with many economists expecting a 75 basis point increase. The United States Dollar Index dropped 1.13 points at 110.86.
Crude oil prices were mixed. Brent crude oil declined US$0.35 per barrel to US$92.91. Meanwhile, West Texas Intermediate (WTI) crude oil gained US$0.37 at US$84.95/barrel. Western Canadian Select (WCS) dropped US$0.31/barrel to US$58.02.
The TSX/S&P Composite Index gained 178.61 points to 19,097.01.
Gold increased US$3.60 at US$1,657.70 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 1.81
Farmer’s Edge Inc. unchanged at $ 0.50
Linamar Corp. up $ 0.96 at $ 57.07
Maple Leaf Foods up $ 0.33 at $ 20.05
Nutrien Ltd. up $ 4.81 at $113.14
Ritchie Bros Auctioneers Inc. dn $ 0.07 at $ 87.31
(All figures are in Canadian dollars.)
