Canadian Financial Close: Loonie steady, crude oil drops

Glacier FarmMedia MarketsFarm – The Canadian dollar was relatively steady on Tuesday.

The loonie closed at US$0.7332 or US$1=C$1.3638, compared to US$0.7335 or US$1=C$1.3634 on Monday.

The United States Dollar Index was up 0.11 of a point at 105.11. U.S. Federal Reserve chair Jerome Powell testified to Congress earlier today with many observers interpreting his remarks as indicators of another key interest rate cut in September.

Crude oil prices declined on Tuesday as Hurricane Beryl passed through Texas and Russian crude oil shipments fell to their lowest level since before the country’s invasion of Ukraine. Brent crude oil dropped US$0.91 at US$84.84 per barrel. West Texas Intermediate (WTI) stepped back US$0.69 at US$81.64/barrel.

The TSX/S&P Composite Index lost 83.63 points at 22,042.50.

Gold increased US$8.20 at US$2,371.70 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  2.02

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    dn  $ 0.38     at $ 65.15

Maple Leaf Foods                 up  $ 1.95     at $ 24.40

Nutrien Ltd.                     dn  $ 0.70     at $ 66.23

RB Global Inc.                   dn  $ 0.18     at $104.50

(All figures are in Canadian dollars.)