WINNIPEG, Feb. 2 (MarketsFarm) – The Canadian dollar gained some ground on Tuesday against a strong U.S. greenback as oil prices increased even higher.
The loonie finished at US$0.7802 or US$1=C$1.2818, compared to Monday’s close of US$0.7798 or US$1=C$1.2824.
Crude oil continued its rise on Tuesday to values unseen for more than a year. This was due to a depleting supply and the prospect of an economic recovery.
Brent crude oil went up US$1.26 at US$57.61 per barrel. West Texas Intermediate (WTI) crude oil jumped US$1.30 at US$54.85/barrel. Western Canadian Select (WCS) crude oil moved up by US$2.51 at US$43.50/barrel.
The TSX Composite Index was lifted by 182.04 points on Tuesday to finish at 17,874.49.
Gold tumbled by US$23.92 at US$1,836.91 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.07 at $ 2.72
Linamar Corp. up $ 1.60 at $ 68.55
Maple Leaf Foods dn $ 0.35 at $ 25.00
Nutrien Ltd. up $ 0.95 at $ 64.92
Ritchie Bros Auctioneers Inc. dn $ 0.10 at $ 77.84
(All figures are in Canadian dollars.)
