WINNIPEG, Jan. 13 (MarketsFarm) – The Canadian dollar closed lower on Tuesday, despite relative strength in crude oil values.
The dollar finished the day at US$0.7656 or US$1=C$1.3062, compared to Monday when it closed at US$0.7664 or US$1=C$1.3048.
Stock markets were mixed following an announcement from United States Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer that tariffs will remain on Chinese goods until after the 2020 election. According to Bloomberg, after 10 months, any reduction in tariffs will be dependent on China’s compliance with Phase One of the deal.
The TSX Composite Index closed higher by 59.48 points at 17,352.90. The S&P 500 lost 6.82 to close at 3,281.05. The Dow Jones was up by 16.35 to finish at 28,923.63. The NASDAQ was down 24.78 to finish at 9,248.09.
Benchmark oil prices recovered slightly after hitting their lowest levels in over a month yesterday. Oil prices were higher due to general optimism regarding the impending trade deal between the U.S. and China. Brent crude oil was 49 cents higher, closing at US$64.69 per barrel. West Texas Intermediate (WTI) crude oil was up by 29 cents to close at US$58.37 per barrel.
Canada’s agricultural sector fared as follows:
Buhler Industries unch at $ 2.79
Linamar Corp. up $ 0.09 at $ 47.44
Maple Leaf Foods dn $ 0.20 at $ 24.64
Nutrien Ltd. up $ 0.47 at $ 63.19
Ritchie Bros Auctioneers Inc. up $ 0.23 at $ 58.36
Rocky Mountain Dealerships Inc. dn $ 0.05 at $ 6.80
(All figures are in Canadian dollars.)