Canadian Financial Close: Higher greenback hits loonie hard
Declines in crude oil add to loonie's loses
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar lost ground on Tuesday to a stronger United States dollar as trading resumed after being closed on Monday for New Year’s. Weakness in crude oil prices also contributed to loonie’s downturn.
The Canadian dollar closed at US$0.7510 or US$1=C$1.3316, compared to Friday’s finish of US$0.7561 or US$1=C$1.3226. On the U.S. Dollar Index, the greenback gained 0.891 of a point at 101.920.
Benchmark crude oil prices turned around to pull back on Tuesday, as a risk-off sentiment overpowered rising tensions in the Middle East, eliminating those earlier gains.
Brent crude oil lost US$1.05 at US$75.99 per barrel, and West Texas Intermediate gave up US$1.16 at US$70.49.
The TSX Composite Index slipped 86.30 points on Tuesday at 20,872.14.
Gold was down US$4.60 at US$2,067.20 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.01 at $ 2.44 Farmers Edge Inc. up $ 0.06 at $ 0.30 Linamar Corp. dn $ 0.04 at $ 63.98 Maple Leaf Foods dn $ 0.17 at $ 25.07 Nutrien Ltd. up $ 1.37 at $ 76.02 RB Global Inc. dn $ 0.10 at $ 88.57
(All figures are in Canadian dollars)
