WINNIPEG – The Canadian dollar dipped on Tuesday after surprising economic news from Statistics Canada.
The loonie was at US$0.7926 or US$1=C$1.2617 on Tuesday, compared to Monday’s close at US$0.7935 or US$1=C$1.2603. Earlier today, Statistics Canada reported a 1.1 per cent decline in the economy during the second quarter despite analysts predicting a rise. It is the first time since the start of the COVID-19 pandemic that Canada’s gross domestic product (GDP) has gone down.
The United States Dollar Index was up 0.01 of a point at 92.66.
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Benchmark crude oil prices were down on Tuesday as refineries in the southern U.S. prepare to resume operations after Hurricane Ida. Brent crude oil declined US$0.42 per barrel to US$72.99. West Texas Intermediate (WTI) crude oil fell US$0.69 to US$68.52/barrel. Western Canadian Select (WCS) crude oil lost US$0.56 to US$56.03/barrel.
The TSX/S&P Composite Index retreated 12.03 points to 20.582.94.
Gold increased US$4.42 per ounce to US$1,814.76.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.19 at $ 3.13
Farmer’s Edge Inc. dn $ 0.30 at $ 5.67
Linamar Corp. dn $ 0.16 at $ 71.48
Maple Leaf Foods dn $ 0.02 at $ 27.52
Nutrien Ltd. dn $ 0.14 at $ 76.70
Ritchie Bros Auctioneers Inc. dn $ 0.43 at $ 79.05
(All figures are in Canadian dollars.)
