Canadian Financial Close: Loonie closes virtually unchanged
Pressure from greenback, crude oil
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar remained firm on Tuesday despite pressure from gains in the United States dollar and losses in crude oil. Those were countered by the Liberal win in last night’s federal election with the party poised to take 169 seats, three short of a majority.
The loonie closed Tuesday at US$0.7222 or US$1=C$1.3847, compared to Monday’s finish of US$0.7220 or US$1=C$1.3850. On the United States Dollar Index, the greenback tacked on 0.171 of a point at 98.960.
Benchmark crude oil prices fell Tuesday on concerns the U.S. and global economies will fall into a recession due to the Trump administration’s tariffs and retaliatory actions by other countries.
Brent crude gave up US$1.78 at US$64.08 per barrel and West Texas Intermediate dropped US$1.79 at US$60.26.
The TSX Composite Index added 75.89 points on Tuesday, closing at 24,974.48.
Gold lost US$15.40 at US$3,332.30.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 7.29 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.19 at $ 50.29 Maple Leaf Foods dn $ 0.35 at $ 24.49 Nutrien Ltd. up $ 1.82 at $ 78.62 RB Global Inc. up $ 0.89 at $137.32
(All figures are in Canadian dollars)
