WINNIPEG, Jan. 12 (MarketsFarm) – The Canadian dollar was higher on Tuesday due to a drop in the United States dollar and increases in crude oil prices.
The dollar finished at US$0.7846 or US$1.2746, compared to Monday’s close of US$0.7820 or US$1=C$1.2788.
The greenback retreated to almost 90 points on the U.S. Dollar Index as it lost 0.417 at 90.025.
Benchmark crude oil prices were higher on Tuesday, due to Saudi Arabia’s planned production cuts for February and March. Also, the United States Energy Information Administration reported U.S. crude oil production was down 190,000 barrels per day at 11.1 million.
Brent crude oil rose 92 cents at US$55.58 per barrel. West Texas Intermediate (WTI) crude oil also gained 92 cents at US$53.17/barrel. Western Canadian Select (WCS) crude oil jumped US$2.94 at US$40.65/barrel.
The TSX Composite Index was up 51.35 points on Tuesday to finish at 17,985.80.
Gold gained US$11.33 at US$1,855.23 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.09 at $ 2.69
Linamar Corp. dn $ 0.35 at $ 72.80
Maple Leaf Foods dn $ 0.33 at $ 26.55
Nutrien Ltd. up $ 3.53 at $ 69.14
Ritchie Bros Auctioneers Inc. dn $ 1.21 at $ 83.06
Rocky Mountain Dealerships Inc. unchanged at $ 7.40
(All figures are in Canadian dollars.)