Canadian Financial Close: C$ steady

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar held steady on Tuesday as investors adjusted positions ahead of Wednesday’s interest rate announcement from the United States Federal Reserve.

The Canadian dollar settled at US$0.7264 or US$1=C$1.3767 on Tuesday, which compares with Monday’s close of US$0.7265 or US$1=C$1.3765.

The total value of building permits issued in Canada was up by 20.5 per cent in April compared to the previous month, hitting C$12.8 billion, according to a report from Statistics Canada.

Economists generally expect the Fed will leave rates unchanged on Wednesday, diverging from the Bank of Canada and the European Central Bank that both lowered rates last week. However, the Fed is still expected to cut rates later in the year, and the accompanying statement will be followed closely. U.S. inflation data will also be released Wednesday.

West Texas Intermediate crude oil held near unchanged, up by 0.13 per cent at US$77.84 per barrel.

The TSX Composite Index lost 182.42 points to close at 21,887.34 points.

Canada’s agricultural sector performed as follows:

Buhler Ind.———————-    $ 0.00    at $  2.09

Linamar Corp.——————–dn  $ 1.00    at $ 68.70

Maple Leaf Foods—————–up  $ 0.42    at $ 23.27

Nutrien Ltd.———————dn  $ 2.66    at $ 73.19

RB Global Inc.——————-up  $ 0.59    at $109.49

Farmers Edge Inc.—————-    $ 0.00    at $  0.345

(All figures are in Canadian dollars.)