WINNIPEG – The Canadian dollar slipped on Tuesday amid mixed economic news.
The loonie was at US$0.7868 or US$1=C$1.2709 on Tuesday, down from Monday’s close of US$0.7881 or US$1=C$1.2688. Statistics Canada reported on Tuesday that the country posted a merchandise trade deficit of C$137 million last December, ending a streak of six consecutive monthly surpluses. Despite this, Canada ended 2021 with an annual surplus for the first time since 2014.
The United States Dollar Index was up 0.20 of a point to 95.60.
Benchmark crude oil prices continued their downfall on Tuesday mainly due to progress made towards a new nuclear deal between the U.S. and Iran, as well as ongoing talks between Russia and Ukraine’s Western allies. Brent crude oil dropped US$1.68 per barrel to US$91.01. West Texas Intermediate (WTI) crude oil fell US$1.77 to US$89.55/barrel. Western Canadian Select (WCS) crude oil declined US$1.57 at US$75.76/barrel.
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The TSX/S&P Composite Index made major gains, rising 141.68 points to 21,377.18.
Gold jumped US$6.00 per ounce to US$1,827.80.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 3.01
Farmer’s Edge Inc. up $ 0.07 at $ 2.55
Linamar Corp. up $ 1.45 at $ 70.26
Maple Leaf Foods up $ 0.47 at $ 31.32
Nutrien Ltd. up $ 2.44 at $ 94.41
Ritchie Bros Auctioneers Inc. up $ 1.39 at $ 77.77
(All figures are in Canadian dollars.)
