By Glen Hallick
Glacier Farm Media|MarketsFarm – The Canadian dollar climbed further above the 74 U.S. cent-mark on Tuesday, gleaning strength from a weaker United States dollar and increases in crude oil.
The loonie closed at US$0.7425 or US$1=C$1.3468, compared to Monday’s finish of US$0.7402 or US$1=C$1.3510. On the U.S. Dollar Index, the greenback lost 0.485 of a point at 100.075.
Benchmark crude oil prices swung upward on Tuesday, due to heightened tensions in the Middle East and China’s latest economic stimulus package.
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Brent crude oil gained US$1.19 at US$75.09 per barrel and West Texas Intermediate rose US$1.11 at US$71.48.
At a forum hosted today by the Institute of International Finance and the Canadian Bankers Association, Bank of Canada Governor Tiff Macklem commented the central bank must now “stick the landing” in keeping Canada’s inflation at two per cent. The BoC makes its next interest announcement on Oct. 23.
The TSX Composite Index added 57.51 points on Tuesday to close at 23,952.22.
Gold jumped US$35.20 at US$2,687.70 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.40 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 0.88 at $ 64.22 Maple Leaf Foods up $ 0.31 at $ 22.00 Nutrien Ltd. unchanged at $ 64.12 RB Global Inc. dn $ 0.81 at $113.12
(All figures are in Canadian dollars)
