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Canadian Financial Close: Loonie loses a quarter cent

Losses in crude oil pull loonie downward

| 1 min read

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)