Canadian Financial Close: Loonie holds firm
Gains in greenback, crude oil cancel out each other
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar was relatively steady on Tuesday as support from gains in crude oil was balanced off by increases in the United States dollar.
The loonie closed on Tuesday at US$0.6974 or US$1=1.4340, compared to Monday’s finish of US$0.6970 or US$1=1.4348.
On the U.S. Dollar Index, the greenback gained 0.404 of a point at 108.505.
Benchmark crude oil prices were higher on Tuesday due to Western sanctions on supplies from Russia and Iran, as well as hopes China’s economy will soon improve.
Brent crude oil increased 75 cents at US$77.05 per barrel and West Texas Intermediate was up 69 cents at US$74.25.
The TSX Composite Index stepped back 69.90 points to close Monday at 24,929.89.
Gold rose US$17.20 at US$2,664.60 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.05 at $ 3.10 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.31 at $ 57.21 Maple Leaf Foods dn $ 0.20 at $ 20.25 Nutrien Ltd. dn $ 0.16 at $ 69.30 RB Global Inc. dn $ 2.08 at $128.88
(All figures are in Canadian dollars)
