Canadian Financial Close: C$ weakens ahead of BoC

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar was slightly softer on Tuesday, as currency traders adjusted positions ahead of Wednesday’s Bank of Canada policy meeting.

General expectations are for the central bank to hold rates steady this month, but any hints at future rate moves will be followed closely.

The Canadian dollar settled at US$0.7419 or US$1=C$1.3478 on Tuesday, which compares with Monday’s close of US$0.7433 or US$1=C$1.3454.

Canada’s new housing price index was unchanged in December, with prices steady to lower in 21 of the 27 census metropolitan areas surveyed, according to a report from Statistics Canada. New home prices were down by 0.9 per cent across the country on an annual basis.

Crude oil was softer on Tuesday, with West Texas Intermediate crude oil down by 0.21 per cent at US$74.60 per barrel.

The TSX Composite Index was stronger, gaining 110.29 points to close at 21,034.59 points.

Canada’s agricultural sector performed as follows:

Buhler Ind.———————-up  $ 0.08    at $  2.39

Linamar Corp.——————–dn  $ 0.77    at $ 64.23

Maple Leaf Foods—————–up  $ 0.19    at $ 27.04

Nutrien Ltd.———————up  $ 0.51    at $ 69.34

RB Global Inc.——————-dn  $ 1.41    at $ 84.76

Farmers Edge Inc.—————-dn  $ 0.005   at $  0.345

(All figures are in Canadian dollars.)