Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Nov. 8 (MarketsFarm) – The Canadian dollar tacked on nearly three-tenths of a United States cent on Tuesday, largely due to weakness in the U.S. dollar.
The loonie closed at US$0.7440 or US$1=C$1.3441, compared to Monday’s close of US$0.7411 or US$1=C$1.3493.
As voting in the mid-term elections carried on today, the greenback stepped back 0.468 of a point at 109.525 on the U.S. Dollar Index. The markets were unsure whether the Republican Party would gain control of both houses of Congress.
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Benchmark crude oil prices were lower on Tuesday, as reports out of China indicated an upswing in COVID-19 cases. Those price declines were tempered by the forthcoming OPEC+ production cuts.
Brent crude oil lost US$2.26 at US$95.66 per barrel. West Texas Intermediate (WTI) crude oil was down US$2.52 at US$89.27/barrel. Western Canadian Select (WCS) gave up US$3.05 at US$60.22 per barrel.
The TSX Composite Index gained 114.40 points to finish Tuesday at 19,660.31.
Gold surged upward US$35.40 at US$1,715.90 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.00
Farmers Edge Inc. dn $ 0.01 at $ 0.41
Linamar Corp. dn $ 1.25 at $ 58.01
Maple Leaf Foods up $ 2.43 at $ 22.01
Nutrien Ltd. up $ 5.83 at $104.49
Ritchie Bros Auctioneers Inc. dn $ 1.45 at $ 67.71
(All figures are in Canadian dollars.)
