Canadian Financial Close: Lower loonie, crude oil prices

Glacier FarmMedia MarketsFarm – The Canadian dollar retreated for the second straight day on Tuesday.

The loonie closed at US$0.7363 or US$1=C$1.3582, compared to US$0.7368 or US$1=C$1.3572 on Monday. The Bank of Canada (BoC) is expected to hold its key interest rate steady when making its policy announcement on Wednesday.

The United States Dollar Index was down 0.02 of a point at 103.81.

Crude oil prices dropped on Tuesday despite OPEC+ extending voluntary production cuts until the end of June. Brent crude oil declined US$0.73 at US$82.07 per barrel. West Texas Intermediate (WTI) was down US$0.54 at US$78.20/barrel.

The TSX/S&P Composite Index was relatively steady, down 5.14 points at 21,525.93.

Gold added US$11.60 at US$2,137.90 per ounce, hitting another all-time high on Tuesday on speculation the U.S. Federal Reserve will announce cuts to its key interest rates later this week.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  2.17

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    dn  $ 0.49     at $ 63.18

Maple Leaf Foods                 dn  $ 0.03     at $ 22.70

Nutrien Ltd.                     up  $ 0.08     at $ 69.24

RB Global Inc.                   dn  $ 0.21     at $103.17

(All figures are in Canadian dollars.)