Canadian Financial Close: Loonie stays put, inflation up

Glacier FarmMedia | MarketsFarm – The Canadian dollar was relatively unchanged on Tuesday after Statistics Canada released new economic data.

The loonie ended the day at US$0.6993 or US$1=C$1.4301, compared to US$0.6991 or US$1=C$1.4304 on Monday. StatCan reported Canada’s inflation rate jumped to 2.6 per cent in February, the same month the federal government’s temporary tax break ended.

The United States Dollar Index declined 0.14 of a point at 103.23. The U.S. Federal Reserve is expected to announce on Wednesday it will keep interest rates unchanged.

Crude oil eased off after Russian President Vladimir Putin agreed to a proposal from the U.S. for a 30-day ceasefire between Russia and Ukraine on each other’s energy infrastructure facilities. Brent crude oil declined US$0.52 at US$70.55 per barrel. West Texas Intermediate dropped US$0.70 at US$66.88/barrel.

The TSX/S&P Composite Index dipped 79.04 points at 24,706.07.

Gold reached an all-time high at US$3,047.50 per ounce, up $41.40 from Monday.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  7.30

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    dn  $ 0.85     at $ 52.31

Maple Leaf Foods                 up  $ 0.23     at $ 25.00

Nutrien Ltd.                     dn  $ 0.04     at $ 74.48

RB Global Inc.                   dn  $ 0.86     at $139.06

(All figures are in Canadian dollars.)