Canadian Financial Close: C$ rises with inflation data

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar strengthened relative to its United States counterpart on Tuesday, hitting a fresh four-and-a-half month high as currency traders reacted to updated inflation data.

The Canadian dollar settled at US$0.7494 or US$1=C$1.3344 on Monday, which compares with Monday’s close of US$0.7470 or US$1=C$1.3387.

Canada’s annual rate of inflation held at 3.1 per cent in November, according to a report from Statistics Canada. Pre-report expectations had been for a small decline in inflation, with the larger-than-expected reading lowering the likelihood of rate cuts from the Bank of Canada anytime soon.

Crude oil remained underpinned by concerns over movement through the Red Sea. West Texas Intermediate crude oil was up by 1.53 per cent at US$72.47 per barrel.

The TSX Composite Index was stronger, gaining 216.92 points to close at 20,839.63 points.

Canada’s agricultural sector performed as follows:

Buhler Ind.———————-    $ 0.00    at $  2.28

Linamar Corp.——————–up  $ 1.42    at $ 64.14

Maple Leaf Foods—————–up  $ 0.97    at $ 25.93

Nutrien Ltd.———————up  $ 2.41    at $ 76.02

RB Global Inc.——————-up  $ 0.89    at $ 86.36

Farmers Edge Inc.—————-    $ 0.00    at $  0.24

(All figures are in Canadian dollars.)