WINNIPEG – The Canadian dollar was stronger on Tuesday, one day before a major report from Statistics Canada.
The loonie closed at US$0.7750 or US$1=C$1.2904, up from US$0.7723 or US$1=C$1.2948 on Monday. Canada’s central data agency will announce the June inflation rate on Wednesday with many analysts expecting a rise.
The United States Dollar Index dropped 0.65 of a point to 106.72.
Crude oil prices were slightly higher on Tuesday as a weakened U.S. greenback and a rally in equity markets encouraged a riskier sentiment for investors. Brent crude oil gained US$1.13 per barrel at US$107.40. West Texas Intermediate (WTI) crude oil gained US$1.50 at US$104.10/barrel. Western Canadian Select (WCS) grew US$1.76 per barrel to US$80.48.
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The TSX/S&P Composite Index had another big day on Tuesday, rising 342.09 points to 18,937.71.
Gold declined US$0.20 at US$1,701.00 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.39
Farmer’s Edge Inc. up $ 0.04 at $ 1.33
Linamar Corp. up $ 1.91 at $ 57.34
Maple Leaf Foods up $ 0.52 at $ 25.93
Nutrien Ltd. up $ 3.73 at $100.95
Ritchie Bros Auctioneers Inc. up $ 1.27 at $ 88.52
(All figures are in Canadian dollars.)
