By MarketsFarm
WINNIPEG, March 21 (MarketsFarm) – The Canadian dollar was slightly softer relative to its United States counterpart on Tuesday, as currency traders contemplated what the country’s easing rate of inflation will mean for upcoming interest rate decisions.
The Canadian dollar settled at US$0.7296 or US$1=C$1.3706 on Tuesday, which compares with Monday’s close of US$0.7313 or US$1=C$1.3674.
Canada’s annual rate of inflation dipped to 5.2 per cent in February, after the consumer price index came in at 5.9 per cent the previous month, according to a report from Statistics Canada. Pre-report expectations had placed annual inflation closer to 5.4 per cent.
Read Also
Canadian Financial Close: Loonie rises, crude oil slips
Glacier FarmMedia | MarketsFarm – The Canadian dollar gained strength on Tuesday, closing at its highest level in 18 days. The loonie…
Gains in crude oil provided some support for the energy-linked Canadian dollar. West Texas Intermediate crude oil was up by 2.75 per cent at US$69.50 per barrel.
The TSX Composite Index was up by 135.49 points or 0.69 per cent to close at 19,654.92 points.
Canada’s agricultural sector performed as follows:
Buhler Ind.———————- $ 0.00 at $ 2.30
Linamar Corp.——————–up $ 0.94 at $ 61.20
Maple Leaf Foods—————–up $ 0.04 at $ 24.25
Nutrien Ltd.———————up $ 2.27 at $103.10
Ritchie Bros Auctioneers Inc.—-up $ 0.01 at $ 72.98
Farmers Edge Inc.—————-dn $ 0.01 at $ 0.20
(All figures are in Canadian dollars.)
