Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Nov. 30 (MarketsFarm) – The Canadian dollar continued lower on Tuesday, even dipping below 78 United States cents at one point.
However, the loonie closed at US$0.7817 or US$1=C$1.2792, compared to Monday’s close of US$0.7834 or US$1=C$1.276.
Strength for the dollar came from Statistics Canada’s report showing 5.4 per cent growth in annualized growth during the third quarter.
Also, the U.S. Dollar Index saw the greenback step back 0.408 at 95.930 points, as it lost ground to six other major global currencies including the loonie.
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Benchmark crude oil prices were weaker on Tuesday, as U.S. Federal Reserve chair Jerome Powell signaled the central bank’s asset purchases could wrap up sooner than initially planned. Concerns over the Omicron variant contributed to the declines as well.
Brent crude oil fell US$2.87 at US$70.57 per barrel. West Texas Intermediate (WTI) crude oil fell US$3.15 at US$66.80 per barrel. Western Canadian Select (WCS) lost US$3.02 at US$47.51 per barrel.
The TSX Composite Index dropped 489.01 points on Tuesday, to finish at 21,659.99.
Gold was down US$11.00 at US$1,774.50 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.09
Farmers Edge Inc. dn $ 0.10 at $ 3.39
Linamar Corp. dn $ 2.09 at $ 73.34
Maple Leaf Foods dn $ 0.81 at $ 28.25
Nutrien Ltd. dn $ 2.58 at $ 84.68
Ritchie Bros Auctioneers Inc. dn $ 1.95 at $ 86.71
(All figures are in Canadian dollars.)
