Canadian Financial Close: Loonie inches up a little before tariffs
Trump seemingly determined to slap levies on Canada, Mexico, China
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar was a pinch higher on Monday, ahead of United States tariffs that are very likely to be imposed tomorrow.
The loonie closed Monday at US$0.6931 or US$1=C$1.4428, compared to Friday’s finish of US$0.6926 or US$1=C$1.4438. On the U.S. Dollar Index, the greenback dropped 1.058 points at 106.500.
Benchmark crude oil prices were lower on Monday as OPEC+ said it will increase oil output come April and in part to far-reaching economic damage expected from Trump’s tariffs. Brent crude oil lost US$1.43 at US$71.38 per barrel and West Texas Intermediate gave up US$1.45 at US$68.31.
Analysts’ expectations for the Bank of Canada rate announcement this week point to them being held in place for now.
Monday was a tough day on the North American stock markets as concerns ramped up over the Trump administration’s tariff plans.
The TSX Composite Index dropped 391.88 points, or 1.54 per cent, to close Monday at 25,001.57. Also, the Dow Jones fell 1.48 per cent, the S&P 500 lost 1.76 per cent and the Nasdaq plummeted 2.64 per cent.
Gold advanced US$55.30 at US$2,903.80 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.12 at $ 7.27 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 1.19 at $ 51.05 Maple Leaf Foods dn $ 0.24 at $ 25.22 Nutrien Ltd. dn $ 3.92 at $ 71.90 RB Global Inc. up $ 1.02 at $149.00
(All figures are in Canadian dollars)
