Canadian Financial Close: Canadian dollar backs down

By MarketsFarm

WINNIPEG, July 23 (MarketsFarm) – The Canadian dollar was lower at market close on Tuesday, backing away from previously observed highs.

The dollar finished the day at US$0.7609 or US$1=C$1.3142, which compares with Monday’s close of US$0.7632 or US$1=C$1.3103.

Global stock performances were stoked higher by an announcement that United States Trade Representative Robert Lightizer and Treasury Secretary Steven Mnuchin will travel to China next Monday to resume in-person trade negotiations.

The TSX Composite Index closed higher by 53.80 points at 16,572.68. The S&P 500 gained 20.44 to close at 3,005.47. Similarly, the Dow Jones gained 177.29 to finish at 27,349.19. The NASDAQ gained 47.26 to finish at 8,251.40.

Benchmark oil prices were higher on Tuesday after reports that the U.S. may have down a second Iranian drone over the Strait of Hormuz last week. Brent crude oil was up by US$1.02 cents to close at US$63.49 per barrel. West Texas Intermediate (WTI) crude oil gained 46 cents to close at US$56.09 per barrel.

Canada’s agricultural sector fared as follows:

Buhler Industries dn $ 0.29 at $ 2.90
Linamar Corp. up $ 1.58 at $ 45.32
Maple Leaf Foods up $ 0.23 at $ 30.13
Nutrien Ltd. up $ 1.08 at $ 68.47
Ritchie Bros Auctioneers Inc. up $ 0.12 at $ 46.69
Rocky Mountain Dealerships Inc. dn $ 0.08 at $ 7.27

(All figures are in Canadian dollars.)


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