By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The Canadian dollar strengthened relative to its United States counterpart on Tuesday, hitting a fresh four-and-a-half month high as currency traders reacted to updated inflation data.
The Canadian dollar settled at US$0.7494 or US$1=C$1.3344 on Monday, which compares with Monday’s close of US$0.7470 or US$1=C$1.3387.
Canada’s annual rate of inflation held at 3.1 per cent in November, according to a report from Statistics Canada. Pre-report expectations had been for a small decline in inflation, with the larger-than-expected reading lowering the likelihood of rate cuts from the Bank of Canada anytime soon.
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Crude oil remained underpinned by concerns over movement through the Red Sea. West Texas Intermediate crude oil was up by 1.53 per cent at US$72.47 per barrel.
The TSX Composite Index was stronger, gaining 216.92 points to close at 20,839.63 points.
Canada’s agricultural sector performed as follows:
Buhler Ind.———————- $ 0.00 at $ 2.28
Linamar Corp.——————–up $ 1.42 at $ 64.14
Maple Leaf Foods—————–up $ 0.97 at $ 25.93
Nutrien Ltd.———————up $ 2.41 at $ 76.02
RB Global Inc.——————-up $ 0.89 at $ 86.36
Farmers Edge Inc.—————- $ 0.00 at $ 0.24
(All figures are in Canadian dollars.)
