WINNIPEG – The Canadian dollar stayed away from 80 United States cents on Tuesday, one day before the release of new inflation data from Statistics Canada.
The loonie was at US$0.7968 or US$1=C$1.2550 on Tuesday, down from Monday’s close of US$0.7989 or US$1=C$1.2517. Bank of Canada Deputy Governor Lawrence Schembri said the central bank expects economic slack to be absorbed most likely by third quarter 2022, moderating hawkish sentiment.
The greenback continued to strengthen as the U.S. Dollar Index jumped 0.55 of a point to 95.95.
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Benchmark crude oil prices were mixed on Tuesday. Brent crude oil rose US$0.46 per barrel to US$82.51. Meanwhile, West Texas Intermediate (WTI) crude oil decreased US$0.10 to US$80.78/barrel. Western Canadian Select (WCS) crude oil advanced US$0.32 to US$62.01/barrel.
The TSX/S&P Composite Index gained 34.08 points to 21,717.16.
Gold dropped US$15.20 per ounce to US$1,851.40.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.02 at $ 3.02
Farmer’s Edge Inc. dn $ 0.15 at $ 3.33
Linamar Corp. up $ 0.50 at $ 78.29
Maple Leaf Foods up $ 0.15 at $ 31.47
Nutrien Ltd. dn $ 1.12 at $ 85.12
Ritchie Bros Auctioneers Inc. up $ 1.68 at $ 91.19
(All figures are in Canadian dollars.)
