By MarketsFarm
WINNIPEG, Feb. 28 (MarketsFarm) – The Canadian dollar was weaker on Tuesday, as currency traders reacted to news that the country’s economy stalled in the fourth quarter of 2022.
The Canadian dollar settled at US$0.7348 or US$1=C$1.3609 on Tuesday, which compares with Monday’s close of US$0.7368 or US$1=C$1.3573.
Canada’s real gross domestic product was unchanged in the fourth quarter of 2022 after five consecutive quarterly increases, according to a report from Statistics Canada. The steady reading came in well below pre-report expectations for 1.5 per cent growth and the Bank of Canada’s 1.3 per cent target. However, early data for 2023 is showing a 0.3 per cent increase in January.
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Crude oil was stronger, with West Texas Intermediate crude oil up by 1.5 per cent at US$76.83 per barrel.
The TSX Composite Index was lower, losing 38.94 points or 0.19 per cent to close at 20,221.19 points.
Canada’s agricultural sector performed as follows:
Buhler Ind.———————- $ 0.00 at $ 2.33
Linamar Corp.——————–up $ 0.26 at $ 74.25
Maple Leaf Foods—————–up $ 0.30 at $ 27.68
Nutrien Ltd.———————up $ 0.75 at $106.32
Ritchie Bros Auctioneers Inc.—-up $ 0.77 at $ 83.48
Farmers Edge Inc.—————- $ 0.00 at $ 0.25
(All figures are in Canadian dollars.)
