Compiled by MarketsFarm
WINNIPEG, Jan. 17 (MarketsFarm) – The Canadian dollar was a pinch higher on Tuesday, due to inflation easing back in December and gains in crude oil prices. However, a slightly stronger United States dollar tempered further increases.
The loonie closed at US$0.7468 or US$1=C$1.3390, compared to Monday’s close of US$0.7464 or US$1=C$1.3397.
Statistics Canada reported that December saw annualized inflation slip to 6.3 per cent from 6.8 per cent in November.
On the U.S. Dollar Index, the greenback nudged up 0.199 of a point at 102.145.
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Benchmark crude oil prices were higher on Tuesday as OPEC projected demand from China to rebound this year from slower than expected economic growth in 2022.
Brent crude oil advanced $2.23 at US$86.69 per barrel. West Texas Intermediate (WTI) crude oil increased US$1.20 at US$81.06/barrel. Western Canadian Select (WCS) was up 93 cents at US$57.80/barrel.
The TSX Composite Index finished Tuesday with a gain of 67.13 points at 20,457.46.
Gold fell back US$10.90 at US$1,910.80 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.17 at $ 2.20 Farmers Edge Inc. dn $ 0.005 at $ 0.265 Linamar Corp. up $ 0.65 at $ 66.04 Maple Leaf Foods up $ 0.07 at $ 26.25 Nutrien Ltd. up $ 1.46 at $102.13 Ritchie Bros Auctioneers Inc. up $ 0.49 at $ 79.97
(All figures are in Canadian dollars.)
