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Canadian Financial Close: Loonie, crude oil fall again

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Published: December 6, 2022

WINNIPEG – The Canadian dollar fell to its lowest point since Nov. 3 on Tuesday.

The loonie closed at US$0.7327 or US$1=C$1.3649, down from US$0.7390 or US$1=C$1.3532 on Monday. Statistics Canada reported on Tuesday that Canada’s trade surplus widened to C$1.2 billion in October, up from C$607 million from the previous month. Equifax Canada also reported on Tuesday that Canada’s consumer debt ballooned to C$2.36 trillion in the third quarter, up 7.3 per cent from the year before.

The United States Dollar Index increased 0.29 of a point at 105.58.

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Crude oil prices fell again on Tuesday due to recession fears. Brent crude oil dropped US$3.10 per barrel to US$79.58. West Texas Intermediate (WTI) crude oil fell US$2.58 at US$74.35/barrel. Western Canadian Select (WCS) was down US$2.16/barrel to US$46.89.

The TSX/S&P Composite Index plunged 252.09 points to 19,990.17.

Gold added US$2.90 at US$1,784.20 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      dn  $ 0.08     at $  1.75

Farmer’s Edge Inc.               up  $ 0.02     at $  0.35

Linamar Corp.                    dn  $ 0.41     at $ 63.49

Maple Leaf Foods                 dn  $ 0.23     at $ 24.22

Nutrien Ltd.                     dn  $ 1.30     at $105.65

Ritchie Bros Auctioneers Inc.    dn  $ 0.37     at $ 74.56

(All figures are in Canadian dollars.)

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