Compiled by MarketsFarm
WINNIPEG, Oct. 31 (MarketsFarm) – The Canadian dollar continued its downward slide on Tuesday, shedding two-tenths of a cent as its United States counterpart was on the rise, while somewhat grim economic news came from Statistics Canada, and crude oil fell back.
The loonie closed at US$0.7209 or US$1=C$1.3871, compared to Monday’s finish of US$0.7229 or US$1=C$1.3833. On the U.S. Dollar Index, the greenback advanced 0.571 of a point at 105.995.
StatCan said the country’s GDP in August changed to zero per cent and preliminary data for September pointed to another such month, which would likely immerse the economy into a recession.
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Benchmark crude oil prices were steady to lower on Tuesday, after the U.S. Energy Information Administration reported an August record for production at an average of 13.05 million barrels per day. However, heightened tensions in the Middle East over the Gaza Strip could lead to sharp hikes very quickly.
Brent crude oil eased back four cents at US$87.41 per barrel, and West Texas Intermediate lost US$1.02 at US$81.29. Meanwhile, Western Canadian Select gave up US$11.46 at US$56.44.
The TSX Composite Index nudged up 16.71 points on Tuesday to close at 18,873.47.
Gold dropped US$12.00 at US$1,993.60 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.31 Farmers Edge Inc. up $ 0.01 at $ 0.10 Linamar Corp. dn $ 0.30 at $ 59.96 Maple Leaf Foods up $ 0.97 at $ 27.61 Nutrien Ltd. dn $ 2.99 at $ 74.48 Rb Global Inc. up $ 2.80 at $ 90.75
(All figures are in Canadian dollars)
