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Canadian Financial Close: Ukraine crisis has little effect on loonie

Crude oil fades from larger increases

Reading Time: 2 minutes

Published: February 22, 2022

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, Feb. 22 (MarketsFarm) – The Canadian dollar was down a pinch on Tuesday, after the markets were closed on Monday.
The loonie closed at US$0.7847 or US$1=C$1.2743, compared to Friday’s close of US$0.7853 or US$1=C$1.2734.

The global economy initially shuddered after Russian President Vladimir Putin ordered troops into the breakaway regions of Ukraine, bringing the spectre of war closer to Europe. As trading carried on the markets regained a good portion of their calm.

On the U.S. Dollar Index, the greenback bumped up 0.040 of a point at 96.060, making it stronger against other world currencies.

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Benchmark crude oil prices were higher on Tuesday, but came away from much sharper increases from earlier in the day. The Russia-Ukraine border crisis was largely countered by the U.S. and Iran getting closer to a deal that would see the latter’s oil flow back onto the market, easing supply issues.

Brent crude oil rose 92 cents at US$96.31 per barrel. West Texas Intermediate (WTI) crude oil jumped US$1.28 at US$92.35 per barrel. Western Canadian Select (WCS) advanced US$1.76 at US$79.12 per barrel.

The TSX Composite Index was down on Tuesday by 100.38 points to finish at 20,907.82. However the loss of 0.48 per cent was better than the declines in the U.S. with the S&P 500 down 1.16%, NASDAQ fell 1.34 per cent and the Dow Jones pulled back 1.41 per cent.

Gold edged up US$1.00 at US$1,900.80 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries dn $ 0.05 at $ 3.01
Farmers Edge Inc. dn $ 0.48 at $ 3.30
Linamar Corp. dn $ 0.25 at $ 67.10
Maple Leaf Foods dn $ 0.49 at $ 31.82
Nutrien Ltd. up $ 0.01 at $ 96.70
Ritchie Bros Auctioneers Inc. up $ 0.65 at $ 66.08
(All figures are in Canadian dollars.)

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