WINNIPEG – The Canadian dollar continued its recent upturn after the release of new economic data from Statistics Canada on Tuesday.
The loonie was at US$0.7878 or US$1=C$1.2694 on Tuesday, up from Monday’s close of US$0.7862 or US$1=C$1.2719. The country’s central data agency reported that the gross domestic product (GDP) grew by 0.6 per cent in November, raising it above pre-pandemic levels. However, it was estimated that the GDP was unchanged in December, mainly due to the Omicron COVID-19 variant.
The United States Dollar Index declined 0.26 of a point to 96.28.
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Benchmark crude oil prices mostly made slight gains on Tuesday as OPEC+ nations plan to meet later this week to discuss supply hikes. Brent crude oil increased seven cents per barrel to US$89.33. West Texas Intermediate (WTI) crude oil added US$0.19 to US$88.34/barrel. Meanwhile, Western Canadian Select (WCS) crude oil declined US$0.64 at US$74.82/barrel.
The TSX/S&P Composite Index consolidated its gains from yesterday, rising 221.63 points to 21,319.92.
Gold increased US$5.60 per ounce to US$1,802.00.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 3.06
Farmer’s Edge Inc. dn $ 0.18 at $ 2.55
Linamar Corp. up $ 0.47 at $ 70.92
Maple Leaf Foods up $ 0.01 at $ 30.93
Nutrien Ltd. up $ 4.01 at $ 92.79
Ritchie Bros Auctioneers Inc. up $ 0.82 at $ 78.30
(All figures are in Canadian dollars.)
