By MarketsFarm
WINNIPEG, May 12 (MarketsFarm) – The Canadian dollar steady on Tuesday, bolstered by moderate gains in North American crude oil prices. However, fears of a second wave of cases in the COVID-19 pandemic weighed on values.
The dollar finished the day at US$0.7135 or US$1=C$1.4015, compared to Monday when it closed at US$0.7137 or US$1=C$1.4012.
Benchmark crude oil prices were steady to higher on Tuesday due to the production cuts announced by Saudi Arabia on Monday. The oil-rich kingdom said it would slash its production by an extra one million barrels per day to 7.5 million. Initially the markets had been wary of the Saudi pledge.
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Brent crude oil was up 26 cents to close at US$29.89 per barrel. West Texas Intermediate (WTI) crude oil gained US$1.55 at US$25.69 per barrel. Western Canadian Select (WCS) rose US$1.33 at US$23.02 per barrel.
The TSX Composite Index dropped 222.06 points to close at 14,888.16.
Gold was up US$3.07 at US$1,701.00 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.80
Linamar Corp. dn $ 0.58 at $ 32.58
Maple Leaf Foods up $ 0.02 at $ 26.25
Nutrien Ltd. dn $ 2.09 at $ 46.39
Ritchie Bros Auctioneers Inc. dn $ 1.19 at $ 58.94
Rocky Mountain Dealerships Inc. up $ 0.03 at $ 4.26
(All figures are in Canadian dollars.)
