WINNIPEG – The Canadian dollar continued its downward slide on Tuesday while the Canadian government updated the public on its fiscal situation.
The loonie was at US$0.7785 or US$1=C$1.2845 on Tuesday, down from Monday’s close of US$0.7818 or US$1=C$1.2791. Finance Minister Chrystia Freeland delivered the government’s fiscal update virtually on Tuesday, announcing that the deficit stands at C$327 billion, C$27 billion less than forecast in the spring budget, but with C$13 billion more spending. She also stated that there will be C$1.7 billion in spending for rapid COVID-19 tests and C$2 billion for COVID-19 therapeutics and treatments.
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The United States Dollar Index increased 0.25 of a point to 96.56 as investors await a decision this week by the U.S. Federal Reserve on key interest rates.
Benchmark crude oil prices remain in a downturn due to fears over the Omicron COVID-19 variant. Brent crude oil declined US$1.09 per barrel to US$73.30. West Texas Intermediate (WTI) crude oil retreated US$0.93 to US$70.36/barrel. Western Canadian Select (WCS) crude oil dropped US$1.02 at US$54.08/barrel.
The TSX/S&P Composite Index shed 95.19 points to 20,653.26.
Gold lost US$16.80 per ounce to US$1,771.50.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.03 at $ 3.07
Farmer’s Edge Inc. up $ 0.01 at $ 3.38
Linamar Corp. dn $ 0.79 at $ 71.71
Maple Leaf Foods dn $ 0.06 at $ 28.93
Nutrien Ltd. up $ 0.22 at $ 89.13
(All figures are in Canadian dollars.)
