Canadian Financial Close: Loonie a pinch under 83 U.S. cents

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, May 18 (MarketsFarm) – After pushing well above 83 United States cents, the Canadian dollar settled back just under the mark on Tuesday. The increase of just over two-tenths of cent to hit a six-year high was largely due to the decline of the U.S. dollar.

The loonie finished at US$0.8298 or US$1=C$1.2051, compared to Monday’s close of US$0.8778 or US$1=C$1.2081.

On the U.S. Dollar Index, the greenback fell 0.372 finishing at 89.770 points.

Benchmark crude oil prices were lower on Tuesday, as the U.S. and Iran made progress towards on an agreement that restricts the latter’s development of nuclear weapons.

Brent crude oil slipped 80 cents at US$68.86 per barrel. West Texas Intermediate (WTI) crude oil dropped 83 cents at US$65.44/barrel. Western Canadian Select (WCS) was down 55 cents at US$52.76/barrel.

The TSX Composite Index edged higher by 70.04 points on Tuesday to finish at 19,544.69.

Gold was up US$2.40 at US$1,870.00 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries dn $ 0.11 at $ 3.67
Farmers Edge Inc. up $ 0.39 at $ 11.44
Linamar Corp. dn $ 0.37 at $ 75.56
Maple Leaf Foods dn $ 0.20 at $ 26.43
Nutrien Ltd. dn $ 0.13 at $ 73.62
Ritchie Bros Auctioneers Inc. dn $ 2.11 at $ 73.84
(All figures are in Canadian dollars.)

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