WINNIPEG – The Canadian dollar inched a little bit higher on Tuesday while crude oil prices declined once again.
The loonie closed at US$0.7784 or US$1=C$1.2847, up from US$0.7755 or US$1=C$1.2895 on Monday. The United States Dollar Index dropped 0.29 of a point at 103.45. The U.S. Federal Reserve is expected to raise its key interest rate by 0.5 of a point on Wednesday.
Crude oil prices were down due to concerns over COVID-19 lockdowns in China. Brent crude oil lost US$2.29 per barrel at US$105.29. West Texas Intermediate (WTI) crude oil declined US$2.47 at US$102.70/barrel. Western Canadian Select (WCS) fell US$2.67 to US$90.06.
The TSX/S&P Composite Index rebounded, gaining 213.06 points at 20,905.28.
Gold increased US$3.60 per ounce to US$1,867.20.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.55
Farmer’s Edge Inc. dn $ 0.08 at $ 2.50
Linamar Corp. dn $ 0.26 at $ 51.16
Maple Leaf Foods up $ 0.09 at $ 27.36
Nutrien Ltd. up $ 7.67 at $135.50
Ritchie Bros Auctioneers Inc. up $ 0.01 at $ 68.45
(All figures are in Canadian dollars.)
