WINNIPEG – The Canadian dollar made a large gain on Tuesday due to weakness in the United States dollar.
The loonie closed on Tuesday at US$0.7286 or US$1=C$1.3725, compared to US$0.7236 or US$1=C$1.3819 on Friday. The Bank of Canada (BoC) did not publish a closing exchange rate on Monday due to Remembrance Day.
The U.S. Dollar Index had its worst day in recent memory, losing 1.56 points at 104.08. Earlier on Tuesday, the U.S. Labor Department reported that inflation was 3.2 per cent in October, compared to 3.7 per cent in September.
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Crude oil was virtually unchanged. Brent crude oil added US$0.01 at US$82.53 per barrel. West Texas Intermediate (WTI) was up US$0.06 to US$78.32/barrel.
The U.S. inflation data and a broad-based rally helped the TSX/S&P Composite Index to close above 20,000 points for the first time since Sept. 20. The index gained 314.58 points to end the day at 20,023.73.
Gold jumped US$17.00 at US$1,967.20 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.26
Farmer’s Edge Inc. unchanged at $ 0.10
Linamar Corp. up $ 0.66 at $ 57.50
Maple Leaf Foods dn $ 0.12 at $ 25.18
Nutrien Ltd. up $ 2.14 at $ 77.08
RB Global Inc. dn $ 0.03 at $ 82.33
(All figures are in Canadian dollars.)
