Canadian Financial Close: Loonie, inflation come down

Glacier FarmMedia MarketsFarm – The Canadian dollar matched its lowest level in two weeks after the release of surprise economic news from Statistics Canada (StatCan).

The loonie closed at US$0.7363 or US$1=C$1.3581, compared to US$0.7385 or US$1=C$1.3541 on Monday. StatCan reported today that Canada’s annual inflation rate declined to 2.8 per cent in February, compared to 2.9 per cent in January. Grocery prices increased by 2.4 per cent.

The United States Dollar Index jumped 0.40 of a point at 103.83.

Crude oil prices were higher on Tuesday after the release of Chinese economic data and Ukrainian attacks on Russian refineries. Brent crude oil was up US$0.50 at US$87.39 per barrel. West Texas Intermediate (WTI) rose US$0.69 at US$83.41/barrel.

The TSX/S&P Composite Index gained 23.40 points at 21,860.58.

Gold was down US$2.50 at US$2,161.80 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  2.07

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    dn  $ 0.16     at $ 69.54

Maple Leaf Foods                 dn  $ 0.08     at $ 23.45

Nutrien Ltd.                     dn  $ 0.84     at $ 72.01

RB Global Inc.                   up  $ 1.59     at $103.22

(All figures are in Canadian dollars.)