Canadian Financial Close: Stronger U.S. dollar weakens loonie
'Turnaround Tuesday' for greenback
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar eased away from the 73-cent mark on Tuesday as the United States dollar reclaimed much of the value it lost on Monday.
The loonie closed at US$0.7287 or US$1=C$1.3723, compared to Monday’s close of US$0.7296 or US$1=C$1.3707.
The U.S. Dollar Index witnessed a ‘turnaround Tuesday’ as the greenback advanced 0.565 of a point at 99.200.
The Bank of Canada will make its next interest rate announcement on Wednesday at 8:45 a.m. CDT. Expectations are for the BoC to keep rates where they are now.
Benchmark crude oil prices were higher on Tuesday due to geopolitical issues, especially the Russia-Ukraine war and nuclear talks between Iran and the U.S.
Brent crude was up 93 cents at US$65.56 per barrel and West Texas Intermediate gained 81 cents at US$63.33.
The TSX Composite Index tacked on 37.68 points on Tuesday, to close at 26,426.64.
Gold gave up US$20.30 at US$3,376.90.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 7.29 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 1.11 at $ 62.93 Maple Leaf Foods up $ 0.43 at $ 27.77 Nutrien Ltd. dn $ 0.47 at $ 82.01 RB Global Inc. up $ 0.60 at $144.78
(All figures are in Canadian dollars)
