WINNIPEG – The Canadian dollar very nearly closed at the 80 United States cent mark on Tuesday.
The loonie closed at US$0.7994 or US$1=C$1.2509, up from Monday’s close of US$0.7974 or US$1=C$1.2541. The Canadian federal government tabled its new climate change plan in Parliament on Tuesday, which states that oil and gas emissions must be reduced 42 per cent by 2030 in order for Canada to meet its climate goal.
The United States Dollar Index was down 0.67 of a point to 98.42.
Crude oil prices were in a freefall but later recovered somewhat on Tuesday when Russia announced it was paring down its military presence in the Ukrainian capital of Kyiv and the northern city of Chernihiv. However, the White House is skeptical of the Kremlin’s plans. Brent crude oil declined US$1.41 per barrel to US$111.07. West Texas Intermediate (WTI) crude oil stepped back US$0.92 to US$105.03/barrel. Meanwhile, Western Canadian Select (WCS) increased US$1.70 to US$93.78.
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The TSX/S&P Composite Index rose 109.39 points to 22,087.22.
Gold shed US$3.22 per ounce to US$1,919.58.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.64
Farmer’s Edge Inc. up $ 0.42 at $ 3.02
Linamar Corp. up $ 1.69 at $ 57.23
Maple Leaf Foods up $ 0.45 at $ 29.79
Nutrien Ltd. dn $ 7.05 at $126.51
Ritchie Bros Auctioneers Inc. up $ 1.08 at $ 75.06
(All figures are in Canadian dollars.)
