WINNIPEG – The Canadian dollar dropped to its weakest level of the past month relative to its United States counterpart on Tuesday. The softness in the currency came despite relative solid gross domestic product data, with merger and acquisition money flows thought to be behind some of the activity.
The Canadian dollar settled at US$0.7365 or US$1=C$1.3578 on Tuesday, which compares with Monday’s close of US$0.7433 or US$1=C$1.3453.
Canada’s gross domestic product was up by 0.7 per cent in the third quarter, marking the fifth straight quarterly rise, according to a report from Statistics Canada. On a monthly basis, real GDP was up by 0.1 per cent in September, which was below expectations for a 0.2 per cent monthly rise. Early data indicates that real GDP held steady in October.
Read Also
Canadian Financial Close: Loonie up as U.S. markets tumble
Glacier FarmMedia — The Canadian dollar regained some ground on Friday as its United States counterpart struggled. The loonie closed…
Crude oil moved higher, with West Texas Intermediate crude oil up by 1.8 per cent at US$78.65 per barrel.
The TSX Composite Index was stronger, up 56.92 points or 0.28 per cent to close at 20,277.41 points.
Canada’s agricultural sector performed as follows:
Buhler Ind.———————- $ 0.00 at $ 1.67
Linamar Corp.——————–dn $ 0.78 at $ 66.20
Maple Leaf Foods—————–up $ 0.15 at $ 25.05
Nutrien Ltd.———————up $ 2.59 at $110.87
Ritchie Bros Auctioneers Inc.—-dn $ 0.84 at $ 72.37
Farmers Edge Inc.—————-up $ 0.01 at $ 0.33
(All figures are in Canadian dollars.)
