WINNIPEG – The Canadian dollar fell to its lowest level in weeks on the day before the United States Federal Reserve decides on its policy statement.
The loonie was at US$0.8205 or US$1=C$1.2188 on Tuesday, down from Monday’s close at US$0.8236 or US$1=C$1.2142. Meanwhile, the U.S. Dollar Index held steady at 90.51 points. The Fed may decide tomorrow to pare down its bond-buying program in an effort to alleviate potential inflation. Copper prices also dropped, which also weakened the Canadian dollar.
Benchmark crude oil prices jumped on Tuesday as demand increased with little signs of additional supply. Brent crude oil gained US$1.30 per barrel to US$74.16. West Texas Intermediate (WTI) crude oil increased US$1.40 to US$71.08/barrel. Western Canadian Select (WCS) crude oil advanced US$1.30 to US$58.25/barrel.
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The TSX Composite Index was also on the rise, gaining 73.67 points to 20,231.32.
Gold dropped US$7.27 per ounce to US$1,858.90.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.49
Farmer’s Edge Inc. dn $ 0.34 at $ 12.00
Linamar Corp. dn $ 1.26 at $ 79.99
Maple Leaf Foods up $ 0.12 at $ 26.51
Nutrien Ltd. dn $ 0.47 at $ 76.94
Ritchie Bros Auctioneers Inc. dn $ 0.02 at $ 72.29
(All figures are in Canadian dollars.)
