Canadian Financial Close: Loonie higher as oil and gold jump

Glacier FarmMedia | MarketsFarm – The Canadian dollar advanced on Tuesday, as prices for crude oil and gold shot upward.

The loonie ended the day at US$0.7255 or US$1=C$1.3783, compared to US$0.7240 or US$1=C$1.3813 on Monday. The United States Dollar Index fell 0.62 of a point at 99.21.

Statistics Canada reported today the country had a merchandise trade deficit of C$506 million in March, dropping from C$1.4 billion in February, as exports to the U.S. fell while those to other countries increased.

Rising tensions in the Middle East and greater European and Chinese demand pushed crude oil prices higher. Brent crude oil jumped US$1.92 at US$62.15 per barrel. West Texas Intermediate surged US$1.98 at US$59.11/barrel.

The TSX/S&P Composite Index added 21.20 points at 24,974.72.

Gold spiked US$108.60 per ounce at $3,430.90 ahead of Wednesday’s policy announcement from the United States Federal Reserve.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  7.29

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    up  $ 0.43     at $ 52.14

Maple Leaf Foods                 dn  $ 0.23     at $ 24.94

Nutrien Ltd.                     up  $ 0.14     at $ 77.78

RB Global Inc.                   up  $ 0.12     at $140.39

(All figures are in Canadian dollars.)