Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Dec. 13 (MarketsFarm) – The Canadian dollar was stronger on Tuesday, due to weakness in its United States counterpart and solid upticks in crude oil prices.
The loonie closed at US$0.7382 or US$1=C$1.3547, compared to Monday’s close of US$0.7322 or US$1=C$1.3658. On the U.S. Dollar Index, the greenback dropped 1.154 points at 103.610.
Benchmark crude oil prices were higher on Tuesday, despite OPEC cutting its demand forecast by 380,000 barrels per day during the first quarter of 2023. However, the cartel projected demand to grow by 2.2 million BPD by the end of next year at 101.8 million BPD.
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Brent crude oil advanced US$2.71 at US$80.70 per barrel. West Texas Intermediate (WTI) crude oil gained US$2.25 at US$75.42/barrel. Western Canadian Select (WCS) tacked on US$1.54 at US$46.65/barrel.
Despite the TSX Composite Index starting Tuesday with a strong rise of more than 300 points, it ended the day flat with a small increase of 3.76 points at 20,023.46.
Gold surged ahead US$30.00 at US$1,822.30 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 1.80 Farmers Edge Inc. dn $ 0.03 at $ 0.30 Linamar Corp. dn $ 1.14 at $ 64.96 Maple Leaf Foods up $ 0.21 at $ 24.11 Nutrien Ltd. dn $ 1.25 at $104.48 Ritchie Bros Auctioneers Inc. up $ 0.14 at $ 77.03
(All figures are in Canadian dollars.)
