Canadian Financial Close: C$ weakens Tuesday

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar was weaker on Tuesday, pressured by a slowdown in the country’s inflation rate.

The Canadian dollar settled at US$0.7327 or US$1=C$1.3649 on Monday, which compares with Friday’s close of US$0.7345 or US$1=C$1.3615.

Canada’s annual inflation rate slowed to 2.7 per cent in April, from 2.9 per cent the previous month, according to a report from Statistics Canada. The deceleration was moderated by a 6.1 per cent increase in gasoline prices. Excluding gasoline, inflation was up by 2.5 per cent, which compares with 2.8 per cent growth in March.

West Texas Intermediate crude oil was weaker, down 0.93 per cent at US$79.06 per barrel.

The TSX Composite Index held steady, up by 2.79 points to close at 22,468.16 points.

Canada’s agricultural sector performed as follows:

Buhler Ind.———————-    $ 0.00    at $  2.17

Linamar Corp.——————–dn  $ 0.51    at $ 71.36

Maple Leaf Foods—————–up  $ 0.04    at $ 23.71

Nutrien Ltd.———————up  $ 2.71    at $ 81.29

RB Global Inc.——————-up  $ 1.00    at $103.10

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

(All figures are in Canadian dollars.)