Canadian Financial Close: Loonie pulls back more
Dollar closes while Freeland presents budget
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar lost three-tenths of a cent on Tuesday, getting some pressure from the United States dollar and virtually no direction from global crude oil prices.
While the Bank of Canada closed the dollar at its usual time, it was in the midst of Minister of Finance Chrystia Freeland having presented the federal government’s latest budget. That included additional spending measures of nearly C$60 billion and a projected deficit of just under C$40 billion.
The loonie closed at US$0.7235 or US$1=C$1.3821, compared to Monday’s finish of US$0.7265 or US$1=C$1.3764. On the U.S. Dollar Index, the greenback was up 0.162 of a point at 106.160.
Benchmark crude oil prices were a pinch lower on Tuesday, as the market waited for Israel to react to Iran’s barrage of missiles and drones, of which almost all were destroyed.
Brent crude oil eased back 20 cents at US$89.90 per barrel and West Texas Intermediate shed 14 cents at US$85.27.
Statistics Canada reported inflation in March bumped up to an annual rate of 2.9 per cent from 2.8 per cent in February, citing a rise in gasoline prices as the main reason.
The TSX Composite Index was lower on Tuesday, losing 97.33 points to close at 21,740.20.
Gold jumped US$23.40 at US$2,406.40 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.29 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.98 at $ 65.17 Maple Leaf Foods up $ 0.01 at $ 23.09 Nutrien Ltd. dn $ 0.80 at $ 71.39 RB Global Inc. up $ 0.61 at $101.31
(All figures are in Canadian dollars)
