WINNIPEG – Comments from United States Federal Reserve chair Jerome Powell and greater demand for crude oil helped raise the markets and the Canadian dollar on Tuesday.
The loonie was at US$0.7933 or US$1=C$1.2606 on Tuesday, up from Friday’s close of US$0.7887 or US$1=C$1.2679.
The United States Dollar Index lost 0.38 of a point to 95.61. Powell told the Senate Banking Committee the Fed was sticking to plans to raise key interest rates by March.
Benchmark crude oil prices spiked on Tuesday after Powell’s comments, with additional support from increased demand. Brent crude oil rose US$2.92 per barrel to US$83.79. West Texas Intermediate (WTI) crude oil jumped US$3.24 to US$81.47/barrel. Western Canadian Select (WCS) crude oil surged US$2.97 at US$68.85/barrel.
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Just like the stock markets south of the border, the TSX/S&P Composite Index climbed skyward, rising 202.49 points to 21,274.81.
Gold was lifted US$23.60 per ounce to US$1,822.40.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.29
Farmer’s Edge Inc. unchanged at $ 3.14
Linamar Corp. dn $ 0.07 at $ 77.61
Maple Leaf Foods up $ 0.19 at $ 29.31
Nutrien Ltd. up $ 1.11 at $ 88.05
Ritchie Bros Auctioneers Inc. dn $ 0.34 at $ 76.16
(All figures are in Canadian dollars.)
