Canadian Financial Close: Loonie rises after Powell’s testimony

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, June 22 (MarketsFarm) – The Canadian dollar finished pushed a little higher on Tuesday, as the United States dollar took a small step back.

The loonie closed at US$0.8093 or US$1=C$1.2356, compared to Monday’s close of US$0.8080 or US$1=C$1.2377.

On the U.S. Dollar Index, the greenback dipped 0.156 at 91.725 points after struggling to stay above 92.00 points. The step back was a direct result of testimony by U.S Federal Reserve Chair Jerome Powell in acknowledging to a Congressional committee that inflation has been higher than expected.

Benchmark crude oil prices were steady to lower on Tuesday, after indications that OPEC+ could increase its production levels in the coming weeks.

Brent crude oil was virtually unchanged at US$74.91 per barrel. West Texas Intermediate (WTI) crude oil lost 60 cents at US$73.06 per barrel. Western Canadian Select (WCS) was down 35 cents at US$59.56 per barrel.

The TSX Composite Index was up 44.29 points on Tuesday to finish at 20,200.65.

Gold lost US$6.10 at US$1,776.80 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 3.39
Farmers Edge Inc. dn $ 0.18 at $ 11.98
Linamar Corp. up $ 0.04 at $ 79.22
Maple Leaf Foods dn $ 0.09 at $ 25.78
Nutrien Ltd. up $ 1.75 at $ 75.45
Ritchie Bros Auctioneers Inc. up $ 1.00 at $ 74.94

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