Canadian Financial Close: Loonie fights off pressure to rise higher
Economy shrinks in February
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar added nearly two-tenths of a cent on Wednesday, despite news Canada’s economy contracted in February.
The loonie closed Wednesday at US$0.7240 or US$1=C$1.3812, compared to Tuesday’s finish of US$0.7222 or US$1=C$1.3847. On the United States Dollar Index, the greenback rose 0.457 of a point at 99.475.
Statistics Canada reported the country’s real gross domestic product lost 0.2 per cent in February, following a 0.4 per cent increase in January. StatCan’s preliminary March forecast estimated a 0.1 per cent gain.
Benchmark crude oil prices dropped on Wednesday due to the strong likelihood of OPEC+ raising its output in May. Also, the U.S./China trade war continued to threaten both countries’ economies and that of the world with a recession.
Brent crude gave up US$1.13 at US$63.12 per barrel and West Texas Intermediate fell US$2.20 at US$58.22.
The TSX Composite Index slipped 32.80 points on Wednesday, closing at 24,841.68.
Gold lost US$29.10 at US$3,304.50.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 7.29 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 0.30 at $ 50.59 Maple Leaf Foods up $ 0.74 at $ 25.23 Nutrien Ltd. up $ 0.08 at $ 78.70 RB Global Inc. up $ 1.61 at $138.93
(All figures are in Canadian dollars)
