Canadian Financial Close: Loonie closes below 70 U.S. cents
Drops to levels unseen since COVID-19 pandemic
The Canadian dollar finished under 70 United States cents on Tuesday, in the face of a strong U.S. counterpart and more declines in crude oil.
The loonie closed Tuesday at US$0.6991 or US$1=1.4305, compared to Monday’s finish of US$0.7023 or US$1=1.4239 – levels unseen since the COVID-19 pandemic.
On the U.S. Dollar Index, the greenback tacked on 0.124 of a point at 106.680, ahead of tomorrow’s interest rate announcement from the Federal Reserve. A rate cut of 25 basis points is widely expected by analysts.
Benchmark crude oil prices were modestly lower on Tuesday, due to weakness in the equity markets and ongoing sluggishness in China’s economy.
Brent crude oil gave up 63 cents at US$73.28 per barrel and West Texas Intermediate pulled back 52 cents at US$70.19.
The TSX Composite Index shed 27.50 points on Tuesday to close at 25,119.71.
Gold lost US$9.00 at US$2,661.00 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.95 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 1.04 at $ 58.66 Maple Leaf Foods dn $ 0.25 at $ 21.27 Nutrien Ltd. dn $ 0.48 at $ 66.36 RB Global Inc. dn $ 1.42 at $133.92
(All figures are in Canadian dollars)
