Canadian Financial Close: Loonie rises two-tenths of a cent

By MarketsFarm

WINNIPEG, Oct. 27 (MarketsFarm) – The Canadian dollar was higher on Tuesday, due to gains in crude oil prices.

The dollar finished at US$0.7596 or US$=C$1.3164 compared to Monday’s close of US$0.7575 or US$1=C$1.3201.

Benchmark crude oil prices were higher on Tuesday, due to the continuing shutdown of production facilities in Gulf of Mexico because of Hurricane Zeta. Increases were capped by growing concerns of the COVID-19 pandemic taking a huge bite out of demand. Also weighing on values was the inability of United States lawmakers to reach an agreement on a pandemic economic stimulus package.

Brent crude oil was up 70 cents at US$41.16 per barrel. West Texas Intermediate (WTI) crude oil rose 88 cents at US$39.44 per barrel. Western Canadian Select (WCS) crude gained US$1.64 at US$28.89 per barrel.

The TSX Composite Index was down 58.61 points on Tuesday to finish at 16,020.94.

Gold was up US$5.20 at US$1,907.28 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.33
Linamar Corp. dn $ 0.46 at $ 45.86
Maple Leaf Foods dn $ 1.15 at $ 23.52
Nutrien Ltd. dn $ 0.53 at $ 53.20
Ritchie Bros Auctioneers Inc. up $ 0.06 at $ 79.52
Rocky Mountain Dealerships Inc. dn $ 0.10 at $ 5.50
(All figures are in Canadian dollars.)

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