Canadian Financial Close: Loonie dips as crude, greenback weaken
Crude tumbles to five-month low
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar eased back on Tuesday as crude oil prices fell hard. However, a lower United States dollar curtailed the loonie’s losses.
The Canadian dollar closed at US$0.7353 or US$1=C$1.3599, compared to Monday’s finish of US$0.7369 or US$1=C$1.3570. On the U.S. Dollar Index, the greenback was down 0.313 of a point at 103.390.
Benchmark crude oil prices skidded their way to a five-month low on Tuesday, due to growing concerns regarding ample supplies despite forthcoming production cuts by OPEC+.
Brent crude oil dropped US$2.61 at US$73.42 per barrel, and West Texas Intermediate retreated US$2.53 at US$68.79.
The TSX Composite Index slipped 84.52 points on Tuesday to close at 20,233.84.
Gold nudged up US$1.40 at US$1,995.10 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.22 Farmers Edge Inc. unchanged at $ 0.24 Linamar Corp. up $ 0.29 at $ 58.08 Maple Leaf Foods unchanged at $ 24.86 Nutrien Ltd. dn $ 2.52 at $ 71.54 RB Global Inc. up $ 0.77 at $ 86.55
(All figures are in Canadian dollars)
