Compiled by MarketsFarm
WINNIPEG, May 9 (MarketsFarm) – The Canadian dollar stepped back on Tuesday, as its United States counterpart was slightly higher and a diplomatic rift between Canada and China continued to develop.
The Canadian dollar closed at US$0.7468 or US$1=C$1.3390, compared to Monday’s finish of US$0.7488 or US$1=C$1.3354. On the U.S. Dollar Index, the greenback tacked on 0.275 of a point at 101.430.
After Canada expelled a Chinese diplomat on Monday, China reacted by ordering the removal of the Canadian diplomat at its Shanghai consulate.
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Benchmark crude oil prices inched upward on Tuesday following the Biden administration announcing it plans to refill the U.S. strategic petroleum reserves. However, pressure came from new economic data out of China highlighted that country’s imports and exports weakened in April.
Brent crude oil bumped up 24 cents at US$77.25 per barrel and West Texas Intermediate (WTI) added 35 cents at US$73.51/barrel.
The TSX Composite Index was virtually unchanged on Tuesday with a tiny gain of 0.58 of a point, closing at 20,585.73.
Gold advanced US$9.10 at US$2,042.30 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.14 Farmers Edge Inc. up $ 0.02 at $ 0.20 Linamar Corp. dn $ 1.10 at $ 65.05 Maple Leaf Foods dn $ 0.34 at $ 25.75 Nutrien Ltd. dn $ 0.88 at $ 85.37 Ritchie Bros Auctioneers Inc. up $ 0.87 at $ 77.34
(All figures are in Canadian dollars.)
