WINNIPEG – The Canadian dollar rose above the 77 United States cent mark on Tuesday due to a weakening of the U.S. greenback and the potential for crude oil production cuts.
The loonie closed at US$0.7709 or US$1=C$1.2972, up from US$0.7672 or US$1=C$1.3035 on Monday. The U.S. Dollar Index lost 0.5 of a point to 108.55.
Crude oil prices jumped after remarks made by Saudi Arabian Energy Minister Prince Abdulaziz bin Salman, who suggested OPEC+ may be forced to cut production next month. Brent crude oil surged US$3.63 per barrel to US$100.11. West Texas Intermediate (WTI) crude oil added US$3.22 at US$93.58/barrel. Meanwhile, Western Canadian Select (WCS) gained US$3.10 per barrel to US$73.89.
The TSX/S&P Composite Index increased 10.43 points at 19,985.35.
Gold jumped US$12.30 at US$1,760.70 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. dn $ 0.05 at $ 2.00
Farmer’s Edge Inc. dn $ 0.17 at $ 0.68
Linamar Corp. up $ 0.60 at $ 62.34
Maple Leaf Foods dn $ 0.15 at $ 23.26
Nutrien Ltd. up $ 5.20 at $124.74
Ritchie Bros Auctioneers Inc. dn $ 0.68 at $ 91.75
(All figures are in Canadian dollars.)
