Canadian Financial Close: Loonie slips back
BoC announcement tomorrow morning
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar eased back on Tuesday, due to increases in the United States dollar and lower crude oil prices.
The loonie closed at US$0.7263 or US$1=C$1.3768, compared to Monday’s finish of US$0.7270 or US$1=C$1.3755. On the U.S. Dollar Index, the greenback added 0.163 of a point at 104.200.
Benchmark crude oil prices lost ground on Tuesday as concerns over growing U.S. stockpiles and the sluggish Chinese economy continued to weigh on values.
Brent crude oil gave up 75 cents at US$81.65 per barrel and West Texas Intermediate was down 90 cents at US$77.50.
The Bank of Canada is scheduled to make its next interest rate announcement on Wednesday morning. Analysts said they expect another rate cut.
The TSX Composite Index slipped 58.90 points on Tuesday to close at 22,813.75.
Gold advanced US$14.10 at US$2,408.80 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.02 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.54 at $ 68.44 Maple Leaf Foods up $ 0.34 at $ 24.75 Nutrien Ltd. dn $ 1.03 at $ 68.35 RB Global Inc. up $ 0.40 at $110.82 (All figures are in Canadian dollars)
