By MarketsFarm
WINNIPEG, Nov. 5 (MarketsFarm) – The Canadian dollar was firm at market close on Tuesday, as support from stronger crude oil prices was countered by September’s trade deficit.
The loonie finished the day at US$0.7603 or US$1=C$1.3153, which compares with Monday’s close of US$0.7606 or C$1.3148.
Statistics Canada reported today that the country’s trade deficit decreased to C$978 million for September. Although that’s down from the C$1.24 billion in August, it was well short of the C$700 million expected by analysts.
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Benchmark oil prices were up Tuesday on positive sentiment towards the tentative United States/China trade pact
Brent crude oil rose 82 cents to close at US$62.95 per barrel, while West Texas Intermediate (WTI) gained 66 cents to close at US$57.20 per barrel. However, Western Canadian Select crude was up 60 cents at US$34.99 per barrel.
The TSX/S&P Composite Index was up 12.11 points on Tuesday to close at 16,681.92 points on continued U.S./China trade hopes.
Gold plummeted US$24.70 on Tuesday to close at US$1,486.40 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.60
Linamar Corp. unchanged at $ 44.63
Maple Leaf Foods up $ 0.88 at $ 24.01
Nutrien Ltd. up $ 0.75 at $ 65.58
Ritchie Bros Auctioneers Inc. unchanged at $ 54.70
Rocky Mountain Dealerships Inc. unchanged at $ 6.45
(All figures are in Canadian dollars.)
