WINNIPEG, March 9 (MarketsFarm) – The Canadian dollar slightly gained against the United States dollar on Tuesday as stocks rose due to a fall in U.S. Treasury bond yields easing inflation worries, as well as a rosy economic outlook from the Organization of Economic Cooperation and Development (OECD).
The loonie finished at US$0.7915 or US$1=C$1.2635, compared to Monday’s close of US$0.7899 or US$1=C$1.2660. On the U.S. Dollar Index, the greenback dropped by 0.33 at 91.980 points.
Benchmark crude oil prices retreated on Tuesday as technical indicators showed crude rallied too fast. OECD also suggested the European economic outlook may not be enough to fuel additional crude oil demand.
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Brent crude oil dropped by US$1.06 per barrel at US$67.18. West Texas Intermediate (WTI) crude oil fell US$1.27 at US$63.78/barrel. Western Canadian Select (WCS) crude oil lost US$0.73 to US$52.66/barrel.
The TSX Composite Index rose to a record-high close on Tuesday, increasing by 141.41 points at 18,599.18.
After hitting a 10-month low on Monday, gold bounced back, jumping US$33.57 to US$1,717.11 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.40
Linamar Corp. up $ 1.13 at $ 76.25
Maple Leaf Foods up $ 0.64 at $ 26.37
Nutrien Ltd. up $ 1.02 at $ 71.36
Ritchie Bros Auctioneers Inc. up $ 1.05 at $ 67.64
(All figures are in Canadian dollars.)
