WINNIPEG – The Canadian dollar took a tumble to start 2023.
The loonie closed at US$0.7322 or US$1=C$1.3658, down from US$0.7383 or US$1=C$1.3544 on Dec. 30. The Bank of Canada (BoC) did not post an exchange rate on Jan. 2 due to the New Year’s Day holiday.
The U.S. Dollar Index jumped 1.12 points at 104.64.
The rising greenback caused crude oil prices to plummet on Tuesday despite speculation that the number of new COVID-19 infections in China may have reached its peak. Brent crude oil fell US$3.55 per barrel to US$82.36. West Texas Intermediate (WTI) crude oil dropped US$3.10 at US$77.16/barrel. Western Canadian Select (WCS) declined US$1.91/barrel to US$50.73.
The TSX/S&P Composite Index gained 58.85 points to 19,443.77, despite being more than 200 points higher on Tuesday morning.
Gold rose US$18.30 at US$1,844.50 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 1.93
Farmer’s Edge Inc. unchanged at $ 0.28
Linamar Corp. up $ 0.54 at $ 61.84
Maple Leaf Foods up $ 0.64 at $ 25.09
Nutrien Ltd. dn $ 0.95 at $ 97.90
Ritchie Bros Auctioneers Inc. up $ 0.69 at $ 78.90
(All figures are in Canadian dollars.)
