WINNIPEG – The Canadian dollar dropped below 73 United States cents on Tuesday due to a stronger United States greenback and falling crude oil prices.
The loonie closed at US$0.7283 or US$1=C$1.3731, compared to US$0.7303 or US$1=C$1.3693 on Monday. The Bank of Canada (BoC) will announce its latest key interest rate decision on Wednesday, which is expected to leave the rate unchanged.
The U.S. Dollar Index was up 0.70 of a point at 106.24.
Crude oil prices fell again on Tuesday due to a simmering of tensions in the Middle East, a stronger U.S. dollar and news of Chevron Corp.’s proposed US$53 billion deal to buy Hess Corp.
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Brent crude oil lost US$1.93 at US$87.90 per barrel. West Texas Intermediate (WTI) fell US$1.91 to US$83.58/barrel.
The TSX/S&P Composite Index shed 60.25 points to 18.986.49.
Gold declined US$3.60 at US$1,984.20 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.31
Farmer’s Edge Inc. dn $ 0.04 at $ 0.11
Linamar Corp. dn $ 0.84 at $ 62.45
Maple Leaf Foods up $ 0.52 at $ 25.32
Nutrien Ltd. up $ 0.10 at $ 77.85
RB Global Inc. up $ 1.15 at $ 86.91
(All figures are in Canadian dollars.)
