The Canadian dollar was lower at market close on Tuesday, as crude oil prices and comments by a senior Bank of Canada official weighed on values.

The loonie finished the day at US$0.7555 or US$1=C$1.3237, which compares with Monday’s close of US$0.7568 or C$1.3214.

Benchmark oil prices fell on Tuesday due to concerns about excess global supply and the lack of substantial progress made with the United States/China trade talks.

Brent crude oil dropped US$1.57 to close at US$60.87 per barrel, and West Texas Intermediate (WTI) slid US$1.85 to close at US$55.20 per barrel. Western Canadian Select crude plummeted US$4.45 at US$36.45 per barrel.

Carolyn Wilkins, senior deputy governor of the Bank of Canada indicated on Tuesday that the central bank is preparing to cut its key interest rate. Added to this was a decline in Canadian manufacturing sales in September and a labour dispute at Canadian National Railway.

The TSX/S&P Composite Index was down on Tuesday, by 13.71 points to close at 17,011.40 points.

Gold was up 90 cents on Tuesday, closing at US$1,472.80 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 3.60Linamar Corp. up $ 0.33 at $ 45.42Maple Leaf Foods dn $ 0.30 at $ 22.92Nutrien Ltd. up $ 0.01 at $ 63.24Ritchie Bros Auctioneers Inc. up $ 0.50 at $ 56.00Rocky Mountain Dealerships Inc. dn $ 0.10 at $ 6.36(All figures are in Canadian dollars.)

 

Source: MarketsFarm

Shared by Chelsey Thomson, Goldenwest Broadcasting