By MarketsFarm
WINNIPEG, May 16 (MarketsFarm) – The Canadian dollar was stronger on Tuesday, underpinned by better-than-expected inflation data.
The Canadian dollar settled at US$0.7432 or US$1=C$1.3456 on Tuesday, which compares with Monday’s close of US$0.7415 or US$1=C$1.3487.
Canada’s annual rate of inflation increased to 4.4 per cent in April, from 4.3 per cent the previous month, according to the latest Consumer Price Index data from Statistics Canada. The CPI growth beat market expectations and marked the first acceleration in the rate since June 2022. The CPI was up by 0.7 per cent monthly.
Crude oil drifted lower, with West Texas Intermediate down by 0.8 per cent at US$70.54 per barrel.
The TSX Composite Index lost 297.90 points or 1.45 per cent to close at 20,242.07 points.
Canada’s agricultural sector performed as follows:
Buhler Ind.———————- $ 0.00 at $ 2.15
Linamar Corp.——————–dn $ 1.43 at $ 64.70
Maple Leaf Foods—————–dn $ 0.16 at $ 26.24
Nutrien Ltd.———————dn $ 0.13 at $ 83.69
Ritchie Bros Auctioneers Inc.—-dn $ 1.49 at $ 70.26
Farmers Edge Inc.—————- $ 0.00 at $ 0.20
(All figures are in Canadian dollars.)
