Canadian Financial Close: Loonie drops ahead of tariffs

Glacier FarmMedia | MarketsFarm – The Canadian dollar fell on Monday, less than 24 hours before tariffs on goods coming from and going to the United States are enacted.

The loonie closed at US$0.6848 or US$1=C$1.4603, down from US$0.6904 or US$1=C$1.4484 on Friday.

The U.S. Dollar Index was up 0.52 of a point at 108.89. U.S. President Donald Trump announced on Monday planned tariffs on Mexican goods entering the U.S. will be delayed until March.

Crude oil was slightly higher as supplies from Mexico won’t be immediately tariffed and as Canada prepares to issue 10 per cent tariffs on American energy starting tomorrow. Brent crude oil gained US$0.14 at US$75.81 per barrel. West Texas Intermediate advanced US$0.35 at US$72.88/barrel.

The TSX/S&P Composite Index lost 291.34 points at 25,241.76.

Gold added $21.00 per ounce at US$2,856.00.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  3.45

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    dn  $ 2.75     at $ 53.79

Maple Leaf Foods                 dn  $ 0.26     at $ 21.10

Nutrien Ltd.                     dn  $ 0.76     at $ 74.25

RB Global Inc.                   dn  $ 1.10     at $128.85

(All figures are in Canadian dollars.)