By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar stepped back on Tuesday as the country saw a slight increase in inflation and the United States currency strengthened.
The loonie closed on Tuesday at US$0.7046 or US$1=C$1.4193, compared to Friday’s finish of US$0.7059 or US$1=C$1.4201. On the U.S. Dollar Index, the greenback rose 0.335 of a point at 106.910.
Statistics Canada reported the January consumer price index bumped up to annualized rate of 1.9 per cent from December’s 1.8 per cent, largely because higher fuel prices negated the federal government’s sales tax holiday.
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Benchmark crude oil prices were higher on Tuesday due to supply disruptions in Russia after Ukrainian drone strikes hit a major pipeline.
Brent crude oil added on 56 cents at US$75.78 per barrel and West Texas Intermediate gained US$1.03 at US$71.77.
After a slow start, the TSX Composite Index advanced 165.61 points to close Tuesday at 25,648.84.
Gold soared US$51.90 at US$2,952.60 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.01 at $ 7.15 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.02 at $ 52.95 Maple Leaf Foods up $ 0.03 at $ 21.47 Nutrien Ltd. up $ 1.09 at $ 73.24 RB Global Inc. up $ 0.51 at $136.94
(All figures are in Canadian dollars)
