WINNIPEG – For the first time since April 21, the Canadian dollar closed above 79 United States cents.
The loonie closed at US$0.7906 or US$1=C$1.2648 on Tuesday, up from US$0.7898 or US$1=C$1.2662 on Monday. Statistics Canada reported on Monday that the country’s economy grew by 3.1 per cent in the first quarter, below expectations. The Bank of Canada is expected to raise its key lending rate by 0.5 of a point to 1.5 per cent on Wednesday.
The U.S. Dollar Index was up 0.12 of a point to 101.79 on Tuesday.
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With the exception of crude oil transported by pipeline, the European Union announced on Monday it will ban imports of Russian oil products for six months. Also, the two-month long COVID-19 lockdown of Shanghai will be fully lifted on Wednesday. Brent crude oil added US$1.17 per barrel at US$122.84. Meanwhile, West Texas Intermediate (WTI) crude oil was down US$0.19 at US$114.88/barrel. Western Canadian Select (WCS) eased off US$0.32 to US$96.77.
The TSX/S&P Composite Index erased Monday’s gains and ended its weeklong rally, losing 190.06 points at 20,729.34.
Gold fell US$18.60 at US$1,838.70 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.35
Farmer’s Edge Inc. up $ 0.18 at $ 2.40
Linamar Corp. up $ 1.56 at $ 55.73
Maple Leaf Foods dn $ 0.13 at $ 27.79
Nutrien Ltd. up $ 4.22 at $123.61
(All figures are in Canadian dollars.)
