Canadian Financial Close: Loonie takes a big hit
Trump's tariffs threaten Canadian economy
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar dropped more than a half cent on Tuesday, following statements made by United States President-elect Donald Trump that he will impose 25 per cent tariffs on goods imported from Canada and Mexico on his first day of office.
Reports said the tariffs could see zero economic growth in Canada or push the country’s economy into a recession.
The loonie closed at US$0.7101 or US$1=C$1.4082 compared to Monday’s finish of US$0.7153 or US$1=1.3980. On the U.S. Dollar Index, the greenback added 0.145 of a point at 106.915.
Benchmark crude oil prices turned lower on Tuesday, after Israel and Lebanon agreed to a 60-day ceasefire in Israel’s conflict with Hezbollah.
Brent crude oil was down 33 cents at US$72.68 per barrel and West Texas Intermediate shed 31 cents at US$68.63.
The TSX Composite Index dipped 5.21 points on Tuesday to close at 25,405.14.
Gold advanced US$14.50 at US$2,633.00 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.88 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 3.56 at $ 59.85 Maple Leaf Foods dn $ 0.58 at $ 22.76 Nutrien Ltd. dn $ 0.90 at $ 64.55 RB Global Inc. up $ 0.04 at $137.59
(All figures are in Canadian dollars)
