WINNIPEG – The Canadian dollar closed above 83 United States cents on Tuesday for the first time since May 2015 after news that the economy grew during the fiscal first quarter of 2021.
The loonie was at US$0.8306 or US$1=C$1.2040 on Tuesday, up from Monday’s close at US$0.8284 or US$1=C$1.2072. Meanwhile, the United States Dollar Index declined by 0.14 points to 89.90. According to a report from Statistics Canada, Canada’s gross domestic product (GDP) expanded at an annualized rate of 5.6 per cent for the first three months of the year.
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Benchmark crude oil prices continued to increase on Tuesday as OPEC+ forecast tightening supply. Brent crude oil gained US$1.22 per barrel to US$70.54. West Texas Intermediate (WTI) crude oil rose by US$1.61 to US$67.93/barrel. Western Canadian Select (WCS) crude oil rose by US$1.20 to US$53.45/barrel.
The TSX Composite Index crossed the 20,000-point mark for the first time ever on Tuesday before settling below. At the end of the day, it closed at 19,976.01 points, up 245.02.
Gold dropped US$7.11 to US$1,899.77 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.52
Farmer’s Edge Inc. dn $ 0.38 at $ 9.63
Linamar Corp. up $ 2.66 at $ 82.76
Maple Leaf Foods dn $ 0.07 at $ 26.53
Nutrien Ltd. up $ 2.29 at $ 76.65
Ritchie Bros Auctioneers Inc. up $ 0.45 at $ 71.89
(All figures are in Canadian dollars.)
