Canadian Financial Close: Loonie firm after economic good news

By MarketsFarm

WINNIPEG, Sept. 15 (MarketsFarm) – The Canadian dollar was unchanged on Tuesday, as an improving economy fended off pressure for the dollar to slip back.

The loonie finished at US$0.7590 or US$1=C$1.3175 for a second day.

Statistics Canada reported that factory sales in July increased seven per cent. Also, the Canadian Real Estate Association said home sales rose 6.2 per cent in August.

The Canadian economy received more good news when the United States backtracked on imposing tariffs on Canadian aluminum. The Trudeau government levelled a warning to the Trump administration, stating that retaliatory action would quickly follow if the latter were to attempt such tariffs again.

Benchmark crude oil prices were stronger on Tuesday as more than 25 per cent of United States offshore oil production was shut down with the onset of Hurricane Sally. The hurricane’s projected path would take directly through the largest oil producing areas along the Gulf coast.

Brent crude oil gained US$1.09 at US$40.70 per barrel. West Texas Intermediate (WTI) crude oil shot up US$1.20 at US$38.46 per barrel. Meanwhile, Western Canadian Select (WCS) crude oil rose US$1.04 at US$30.39 per barrel.

The TSX Composite Index was higher on Tuesday, by 71.13 to finish at 16,431.27 points.

Gold slipped US$2.36 at US$1,954.50 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.55
Linamar Corp. dn $ 0.54 at $ 39.67
Maple Leaf Foods up $ 0.02 at $ 28.01
Nutrien Ltd. up $ 0.24 at $ 52.64
Ritchie Bros Auctioneers Inc. up $ 0.17 at $ 76.13
Rocky Mountain Dealerships Inc. unchanged at $ 5.51

(All figures are in Canadian dollars.)

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