Compiled by MarketsFarm
WINNIPEG, May 30 (MarketsFarm) – The Canadian dollar held steady on Tuesday as the oil-currency fended off pressure from sharp declines in crude prices.
The loonie closed at US$0.7354 or US$1=C$1.3598, compared to Monday’s finish of US$0.7357 or US$1=C$1.3593. On the U.S. Dollar Index, the greenback slipped 0.141 of a point at 103.995.
No sooner had the U.S. government debt ceiling crisis been largely resolved, benchmark crude oil prices fell hard on Tuesday for two reasons. One, over market concerns the U.S. Federal Reserve will revert to hiking its key interest rates next month. The other being trade expectations that OPEC+ won’t cut production come June.
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Brent crude oil tumbled US$3.22 at US$73.85 per barrel and West Texas Intermediate (WTI) gave up US$2.88 at US$69.79/barrel.
The TSX Composite Index lost 228.25 points on Tuesday at 19,739.70.
Gold jumped US$14.80 at US$1,977.90 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.14 Farmers Edge Inc. dn $ 0.005 at $ 0.185 Linamar Corp. dn $ 0.76 at $ 62.96 Maple Leaf Foods dn $ 0.47 at $ 24.54 Nutrien Ltd. dn $ 3.07 at $ 74.00 Ritchie Bros Auctioneers Inc. dn $ 1.39 at $ 72.12
(All figures are in Canadian dollars.)
