Canadian Financial Close: Loonie eases back
Greenback, crude oil make gains
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar dipped on Tuesday in the face of a stronger United States dollar, but declines were limited by upticks in crude oil.
The political upheaval surrounding Prime Minister Justin Trudeau and his minority Liberal government has settled down for now, taking some pressure off of the loonie.
It closed on Tuesday at US$0.6950 or US$1=1.4389, compared to Monday’s finish of US$0.6955 or US$1=1.4379. On the U.S. Dollar Index, the greenback gained 0.317 of a point at 108.250.
Benchmark crude oil prices were modestly higher on Tuesday as the U.S. Energy Information Administration reported demand in October was at its strongest since August 2019. Also, output in October hit a record 13.46 million barrels per day. However weaker-than-expected demand, especially from China, softened today’s increases.
Brent crude oil rose 65 cents at US$74.64 per barrel and West Texas Intermediate added 81 cents at US$71.80.
The TSX Composite Index climbed 107.35 points to close Tuesday at 24,727.94.
Gold advanced US$19.80 at US$2,637.90 per ounce.
The Canadian markets will be closed on Wednesday for New Year’s.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.03 at $ 2.91 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 0.15 at $ 56.79 Maple Leaf Foods up $ 0.66 at $ 20.34 Nutrien Ltd. up $ 0.87 at $ 64.32 RB Global Inc. dn $ 0.06 at $129.74
