WINNIPEG, Feb. 9 (MarketsFarm) – The Canadian dollar strengthened on Tuesday as oil prices continued to rally amidst a weakening U.S. greenback.
The loonie finished at US$0.7862 or US$1=C$1.2719, compared to Monday’s close of US$0.7841 or US$1=C$1.2753. On the U.S. Dollar Index, the greenback lost 0.484 at 90.440 points, losing ground to other major world currencies.
Benchmark crude oil prices rose for the seventh straight day as the United States Energy Information Administration released its Short-Term Energy Outlook earlier today, predicting lower oil output in the coming months but a boost in production during the second half of 2021.
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Brent crude oil climbed by US$0.63 at US$61.19 per barrel. West Texas Intermediate (WTI) crude oil moved up US$0.40 at US$58.37/barrel. Western Canadian Select (WCS) crude oil slightly increased by US$0.03 at US$47.50/barrel.
The TSX Composite Index made gains again on Tuesday by 78.36 to finish at a record-setting 18,408.62.
Gold was lifted by US$6.05 at US$1,836.86 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.05 at $ 2.78
Linamar Corp. up $ 0.05 at $ 71.95
Maple Leaf Foods up $ 0.07 at $ 24.96
Nutrien Ltd. dn $ 0.13 at $ 69.46
Ritchie Bros Auctioneers Inc. dn $ 1.93 at $ 72.18
(All figures are in Canadian dollars.)
