Canadian Financial Close: Loonie adds nearly a third of a cent

Oil higher on no OPEC+ production cuts

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Published: November 22, 2022

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, Nov. 22 (MarketsFarm) – The Canadian dollar pushed higher on Tuesday aided by a weaker United States dollar and rising crude oil prices.

The loonie closed at US$0.7465 or US$1=C$1.3396, compared to Monday’s close of US$0.7434 or US$1=C$1.3413. On the U.S. Dollar Index, the greenback lost 0.672 of a point at 107.060.

Benchmark crude oil prices were higher on Tuesday after Saudi Arabian officials stated OPEC+ was not planning to increase production.

Brent crude oil added US$1.04 at US$88.49 per barrel. West Texas Intermediate (WTI) crude oil rose US$1.09 at US$81.13/barrel. Western Canadian Select (WCS) advanced US$1.28 at US$54.02/barrel.

The TSX Composite Index gained 242.88 points to finish Tuesday at 20,220.01.

Gold was up US$1.30 at US$1,740.90 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries                unchanged      at $  1.85

Farmers Edge Inc.                dn  $ 0.02     at $  0.30

Linamar Corp.                    up  $ 0.33     at $ 65.24

Maple Leaf Foods                 up  $ 0.21     at $ 24.38

Nutrien Ltd.                     up  $ 5.02     at $108.25

Ritchie Bros Auctioneers Inc.    dn  $ 2.59     at $ 72.84

(All figures are in Canadian dollars.)

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