Compiled by MarketsFarm
WINNIPEG, Feb. 21 (MarketsFarm) – The Canadian dollar closed a smidge under 74 U.S. cents on Tuesday as a stronger United States dollar and declines in global crude oil prices weighed on values. However, the Statistics Canada (StatCan) report on inflation brought a measure of moderation to the loonie.
The dollar closed at US$0.7399 or US$1=C$1.3516, compared to Friday’s close of US$0.7415 or US$1=C$1.3487. On the U.S. Dollar Index, the greenback tacked on 0.370 of a point at 104.150.
Statistics Canada reported the annual rate of inflation in January was 5.9 per cent, slightly lower than market expectations and down from 6.3 per cent in December. This added to expectations that the Bank of Canada could freeze its key interest rates rather than raising them further.
Read Also
Canadian Financial Close: Loonie drops, new record for TSX
Glacier FarmMedia | MarketsFarm – The Canadian dollar tumbled on Friday but still ended the week slightly higher than the last….
Benchmark crude oil prices stepped back on Tuesday, as much of the increased demand from China has been going to cheaper oil from Russia.
Brent crude oil lost US$1.26 at US$82.81 per barrel and West Texas Intermediate (WTI) shed 18 cents at US$76.16. Western Canadian Select (WCS) dipped 40 cents at US$57.63.
The TSX Composite Index finished Tuesday with a loss of 262.60 points at 20,522.64.
Gold gave up US$6.40 at US$1,843.80 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.35 Farmers Edge Inc. dn $ 0.01 at $ 0.30 Linamar Corp. dn $ 0.43 at $ 72.55 Maple Leaf Foods up $ 0.28 at $ 26.71 Nutrien Ltd. up $ 0.92 at $101.62 Ritchie Bros Auctioneers Inc. dn $ 1.20 at $ 83.16
(All figures are in Canadian dollars.)
