Canadian Financial Close: Loonie loses a quarter cent
Losses in crude oil pull loonie downward
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was lower on Tuesday, as the United States dollar held firm while crude oil retreated.
The loonie closed at US$0.7309 or US$1=C$1.3681, compared to Monday’s finish of US$0.7334 or US$1=C$1.3635. On the U.S. Dollar Index, the greenback was virtually unchanged at 104.080 points.
Benchmark crude oil prices stepped back on Tuesday due to bearish sentiment towards the OPEC+ plan to increase production.
Brent crude oil was down 77 cents at US$77.59 per barrel and West Texas Intermediate gave up 86 cents at US$73.36.
The Bank of Canada will make its next interest rate announcement tomorrow at 8:45 am Central with analysts predicting a rate cut.
The TSX Composite Index lost 138.51 points on Tuesday to close at 21,978.18.
Gold dropped US$22.00 at US$2,347.30 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.19 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 1.66 at $ 69.40 Maple Leaf Foods up $ 0.06 at $ 22.96 Nutrien Ltd. dn $ 0.44 at $ 78.23 RB Global Inc. up $ 1.89 at $ 98.98
(All figures are in Canadian dollars)