Canadian Financial Close: Loonie drops, TSX tumbles

Glacier FarmMedia MarketsFarm – The Canadian dollar fell just below the 73 United States cent mark on Wednesday.

The loonie closed at US$0.7299 or US$1=C$1.3700, compared to US$0.7332 or US$1=C$1.3638 on Tuesday. The United States Dollar Index gained 0.51 of a point at 105.13.

Weak U.S. gasoline demand and improved consumer confidence adding onto inflation fears eased crude oil prices. Brent crude oil declined US$0.90 at US$83.32 per barrel. West Texas Intermediate (WTI) dropped US$0.83 at US$79.00/barrel.

The TSX/S&P Composite Index had its biggest one-day loss in three months, falling 367.07 points at 21,897.98 due to missed earnings expectations by Bank of Montreal (BMO) and inflation fears.

Gold lost US$19.90 at US$2,336.60 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  2.09

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    dn  $ 0.29     at $ 69.07

Maple Leaf Foods                 dn  $ 0.37     at $ 22.86

Nutrien Ltd.                     dn  $ 2.68     at $ 78.26

RB Global Inc.                   dn  $ 2.02     at $101.10

(All figures are in Canadian dollars.)