WINNIPEG, June 18 (MarketsFarm) – The Canadian dollar was stronger at Tuesday’s close, as trade talks between the United States and China will resume, which stoked global optimism.
The Canadian dollar closed at US$0.7471 or US$1=C$1.3385, up from Monday’s close of US$0.7459 or US$1=C$1.3407.
Stock indexes posted gains ahead of the U.S. Federal Reserve announcing their interest rate changes on Wednesday. Experts anticipate Fed Chair Jerome Powell to cut rates later in the summer.
“Chair Powell will have to walk a fine line at his press briefing, maintaining confidence in the outlook while simultaneously acknowledging increased risks and vulnerability,” Sam Bullard, Wells Fargo managing director and senior economist, wrote in a note.
The S&P/TSX Composite Index gained 28.08 points to close at 2,917.75. The NASDAQ gained 108.86 at 7,953.88 points. Similarly, the Dow Jones gained 353.01 points to close at 26,465.55.
West Texas Intermediate gained US$2.15 to end the day at US$54.08 per barrel, and Brent Crude oil gained US$1.34 to hit US$62.28 per barrel.
Canada’s agricultural sector fared as follows:
Buhler Industries————–dn $ 0.05 at $ 3.80
Linamar Corp ——————up $ 0.68 at $ 46.48
Maple Leaf Foods—————dn $ 0.08 at $ 31.04
Nutrien Ltd. ——————up $ 0.69 at $ 72.48
Ritchie Bros Auctioneers Inc.—-unch at $ 48.05
Rocky Mountain Dealership Inc.-up $ 0.05 at $ 8.20
(All figures are in Canadian dollars.)