Compiled by Glen Hallick, MarketsFarm
WINNIPEG, March 22 (MarketsFarm) – The Canadian dollar was relatively steady on Tuesday, managing to fend a decline in crude oil prices.
The loonie closed at US$0.7944 or US$1=C$1.2588, compared to Monday’s close of US$0.7941 or US$1=C$1.2593.
Prime Minister Justin Trudeau shored up the governing Liberals’ hold on federal power by signing a deal with the opposition New Democrats. The latter said they will support the Liberals on confidence motions in exchange for a national pharmacare program, home affordability, and closing tax loopholes among other items.
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Canadian Pacific Rail and the Teamsters Canada Rail Conference brought the work stoppage at the railway to quick end by agreeing to binding arbitration. The union’s 3,000 members returned to work earlier today after being off the job since Sunday.
On the U.S. Dollar Index, the greenback was relatively steady, easing lower 0.009 of a point at 98.490.
Benchmark crude oil prices were slightly lower on Tuesday, as the European Union remained divided on the issue of banning oil imports from Russia.
Brent crude oil gave up 62 cents at US$115.00 per barrel. West Texas Intermediate (WTI) crude oil slipped 36 cents at US$111.76 per barrel. Western Canadian Select (WCS) pulled back US$1.66 at US$97.62 per barrel.
The TSX Composite Index was a little bit higher on Tuesday, with a gain of 65.22 points to finish at 22,074.35. For a second day, the TSX hit a new high, peaking at 22,152.94 during the session.
Gold fell back US$8.80 at US$1,920.70 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.60
Farmers Edge Inc. up $ 0.01 at $ 3.00
Linamar Corp. dn $ 0.27 at $ 57.74
Maple Leaf Foods up $ 0.53 at $ 30.21
Nutrien Ltd. dn $ 1.06 at $131.33
Ritchie Bros Auctioneers Inc. dn $ 0.49 at $ 74.35
(All figures are in Canadian dollars.)
