By MarketsFarm
WINNIPEG, July 21 (MarketsFarm) – The Canadian dollar jumped more than a half cent on Tuesday, reaching a five-week high.
The rise in the loonie was propelled by the futures markets’ positive sentiment towards a COVID-19 vaccine, an increase in crude oil prices, and a significant jump in the price of gold.
The loonie finished at US$0.7437 or US$1=C$1.3446, compared to Monday when it closed at US$0.7384 or US$1=C$1.3543.
Benchmark crude oil prices were higher on Tuesday, attaining their highest levels in four months. Support came from vaccine hopes, as well as the European Union’s US$860 billion economic stimulus package.
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Brent crude oil rose 98 cents at US$44.26 per barrel. West Texas Intermediate (WTI) crude oil gained US$1.15 at US$41.96 per barrel. Western Canadian Select (WCS) was up 73 cents at US$32.31 per barrel.
Gold jumped US$23.66 at US$1,841.43 per ounce, its strongest price since September 2011. Gold’s highest level on record is US$1,923.70, which was set earlier that year.
The TSX Composite Index slipped 20.70 points on Tuesday, to close at 16,162.96.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.16 at $ 2.75
Linamar Corp. up $ 0.22 at $ 38.86
Maple Leaf Foods dn $ 0.16 at $ 27.30
Nutrien Ltd. up $ 0.31 at $ 44.29
Ritchie Bros Auctioneers Inc. dn $ 0.16 at $ 57.40
Rocky Mountain Dealerships Inc. unchanged at $ 3.99
(All figures are in Canadian dollars.)
