WINNIPEG – The Canadian dollar slipped on Tuesday after the release of a positive economic report from Statistics Canada while war raged on in Ukraine.
The loonie was at US$0.7869 or US$1=C$1.2708 on Tuesday, up from Monday’s close of US$0.7875 or US$1=C$1.2698. Canada’s central data agency announced that the gross domestic product increased by 4.6 per cent in 2021 and 6.7 per cent in December 2021. The Bank of Canada is also expected to raise its key interest rate to 0.5 per cent on Wednesday.
The U.S. Dollar Index was up 0.64 of a point to 97.35.
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Benchmark crude oil prices continued its sharp rise as fighting in Ukraine rages on. However, all 31 member nations of the International Energy Agency agreed today to release 60 million barrels from their strategic reserves. Brent crude oil jumped US$8.35 per barrel to US$106.32. West Texas Intermediate (WTI) crude oil skyrocketed US$9.61 to US$105.33/barrel. Western Canadian Select (WCS) crude oil advanced US$9.81 at US$93.79/barrel.
The TSX/S&P Composite Index lost 121.85 points to 21,004.51.
Gold nearly doubled Tuesday’s gains, adding US$46.70 per ounce to US$1,947.40.
Canada’s agricultural sector fared as follows:
Buhler Ind. up $ 0.16 at $ 2.58
Farmer’s Edge Inc. dn $ 0.09 at $ 3.54
Linamar Corp. dn $ 2.65 at $ 63.54
Maple Leaf Foods up $ 0.05 at $ 26.75
Nutrien Ltd. dn $ 0.78 at $108.23
Ritchie Bros Auctioneers Inc. up $ 2.54 at $ 68.97
(All figures are in Canadian dollars.)
