WINNIPEG – The Canadian dollar held mostly steady on Tuesday ahead of the Bank of Canada’s (BoC) interest rate announcement on Wednesday.
The loonie was at US$0.8080 or US$1=C$1.2376 on Tuesday, up slightly from Monday’s price of US$0.8078 or US$1=C$1.2379. The BoC is expected to raise its inflation forecast and end stimulus from its bond-buying program.
The United States Dollar Index was up 0.12 of a point at 93.93. The Conference Board announced on Tuesday its consumer confidence index increased in October by four points to 113.8, suggesting an economic recovery.
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Benchmark crude oil prices were higher on Tuesday. Brent crude oil increased US$0.39 per barrel to US$86.38. West Texas Intermediate (WTI) crude oil jumped US$0.89 to US$84.65/barrel. Meanwhile, Western Canadian Select (WCS) crude oil surged US$1.05 to US$68.85/barrel.
The TSX/S&P Composite Index’s rally ended at 14 days, the longest since 1985, as anxiety over the upcoming BoC announcement caused it to drop 111.39 points to 21,173.45.
Gold lost most of Monday’s gains, falling US$13.69 per ounce to US$1,794.04.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.20
Farmer’s Edge Inc. dn $ 0.15 at $ 4.85
Linamar Corp. up $ 0.23 at $ 68.12
Maple Leaf Foods dn $ 0.10 at $ 27.19
Nutrien Ltd. dn $ 0.41 at $ 87.05
Ritchie Bros Auctioneers Inc. dn $ 0.91 at $ 84.00
(All figures are in Canadian dollars.)
