Canadian Financial Close: Loonie adds more
Greenback remains on downward slide
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar pushed a bit higher on Tuesday, due to continued weakness in the United States dollar. However, upticks in the former were limited by losses in crude oil.
The loonie closed at US$0.7338 or US$1=C$1.3627, compared to Monday’s finish of US$0.7325 or US$1=C$1.3651. On the U.S. Dollar Index, the greenback fell 0.466 of a point at 101.265.
Benchmark crude oil prices were slightly lower on Tuesday, due to pressure of concerns over China’s lackluster economy, but rising Middle East tensions loomed in the background.
Brent crude oil lost 44 cents at US$77.22 per barrel and West Texas Intermediate gave up 33 cents at US$74.04.
Statistics Canada report the consumer price index for July was 2.5 per cent, down from 2.7 per cent in June. The decline increased the likelihood of another rate cut by the Bank of Canada in September.
The TSX Composite Index shed 78.95 points on Tuesday to close at 23,037.44.
Gold jumped US$12.60 at US$2,553.90 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.40 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.65 at $ 62.24 Maple Leaf Foods dn $ 0.25 at $ 22.70 Nutrien Ltd. dn $ 0.79 at $ 63.79 RB Global Inc. up $ 0.27 at $113.62
(All figures are in Canadian dollars)
