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Canadian Financial Close: Loonie, TSX, gold tumble

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Glacier FarmMedia MarketsFarm – The Canadian dollar fell sharply on Tuesday after the release of economic data from Statistics Canada (StatCan).

The loonie closed at US$0.7275 or US$1=C$1.3746, compared to US$0.7322 or US$1=C$1.3658 on Monday. StatCan reported that the country’s real gross domestic product (GDP) increased by 0.2 per cent in February, following a 0.5 per cent gain in January. The agency also estimated that real GDP would be left unchanged in March. As a result, the Canadian economy grew at an annualized rate of 2.5 per cent in the first quarter.

The United States Dollar Index jumped 0.63 of a point at 106.21.

Crude oil prices were in the decline. Brent crude oil dropped US$0.54 at US$87.86 per barrel. West Texas Intermediate (WTI) cut US$0.99 at US$81.64/barrel.

The TSX/S&P Composite Index lost 297.08 points at 21,714.54.

Gold sank by US$55.60 at US$2,302.10 per ounce due to strength in the U.S. greenback.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  2.23

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    dn  $ 1.43     at $ 64.83

Maple Leaf Foods                 dn  $ 0.13     at $ 22.37

Nutrien Ltd.                     dn  $ 1.42     at $ 72.59

RB Global Inc.                   dn  $ 2.30     at $ 98.50

(All figures are in Canadian dollars.)