By MarketsFarm
WINNIPEG, Feb. 4 (MarketsFarm) – The Canadian dollar was steady at market close on Tuesday, as gains in domestic crude oil were offset by losses in world crude prices.
The loonie finished the day at US$0.7531 or US$1=C$1.3278, which compares with Monday’s close of US$0.7533 or C$1.3275.
Benchmark crude oil prices were slightly lower on Tuesday as the coronavirus continues to be seen as an impediment to global demand. The declines were tempered by news that OPEC and its oil allies will meet to discuss the global situation with deeper production cuts a possibility.
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Brent crude oil slipped 47 cents at US$53.98 per barrel. West Texas Intermediate (WTI) was down 51 cents at US$49.60 per barrel.
In comparison, Western Canadian Select (WCS) gained US$1.09 to close at US$31.32 per barrel, following a ruling by the Federal Court of Appeal regarding the Trans Mountain pipeline expansion.
Earlier today, the court dismissed all of the legal challenges that were put forth by the First Nations in British Columbia. While the federal and Alberta governments welcomed the ruling, the First Nations involved in the legal challenge said they will consider a further appeal to the Supreme Court of Canada.
The stock markets bounced today after China announced it would inject more than US$240 billion into its economy to stave off further losses.
The United States markets witnessed sharp gains, with the NASDAQ leading the way with 2.10 per cent to end Tuesday at 9,467.97 points. The Dow Jones jumped 1.44 per cent to close at 28,807.63 points. The S&P 500 rose 1.50 per cent to finish at 3,297.59 points.
In Canada, the TSX/S&P Composite Index jumped 0.77 per cent on Tuesday to close at 17,512.73 points.
Gold fell US$22.97 on Tuesday to close at US$1,553.76 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.80
Linamar Corp. up $ 0.38 at $ 43.89
Maple Leaf Foods dn $ 0.04 at $ 25.90
Nutrien Ltd. up $ 0.16 at $ 56.98
Ritchie Bros Auctioneers Inc. dn $ 0.14 at $ 55.94
Rocky Mountain Dealerships Inc. unchanged at $ 6.51
(All figures are in Canadian dollars.)
