Compiled by MarketsFarm
WINNIPEG, Feb. 7 (MarketsFarm) – The Canadian dollar was relatively steady on Tuesday although the United States dollar eased back and crude oil prices surged ahead.
The loonie closed at US$0.7443 or US$1=C$1.3435, compared to Monday’s close of US$0.7439 or US$1=C$1.3442. On the U.S. Dollar Index, the greenback lost 0.263 of a point at 103.250.
Bank of Canada Governor Tiff Macklem defended the central bank’s decision to halt its year-long series of interest rate hikes. Macklem suggested that further increases could slow Canada’s economy too much.
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Benchmark crude oil prices shot up on Tuesday as the markets expect renewed demand from China as its economy revs up during 2023. Also, the earthquakes in Turkey and Syria have raised supply issues.
Brent crude oil advanced US$3.00 at US$83.99 per barrel and West Texas Intermediate (WTI) gained US$3.33 at US$77.44. Western Canadian Select (WCS) jumped US$4.56 at US$58.31.
The TSX Composite Index finished Tuesday up 96.08 points at 20,725.00.
Gold added US$4.60 at US$1,884.10 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.07 at $ 2.10 Farmers Edge Inc. up $ 0.01 at $ 0.265 Linamar Corp. up $ 0.82 at $ 74.17 Maple Leaf Foods dn $ 0.10 at $ 25.95 Nutrien Ltd. dn $ 2.37 at $108.82 Ritchie Bros Auctioneers Inc. dn $ 0.17 at $ 83.03
(All figures are in Canadian dollars.)
