Canadian Financial Close: Loonie turns lower
Trump looking to tariff Canadian dairy, lumber
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar pulled back on Friday, giving up the previous day’s gains.
The loonie closed Friday at US$0.6958 or US$1=C$1.4371, compared to Thursday’s finish of US$0.6989 or US$1=C$1.4309. On the U.S. Dollar Index, the greenback stepped back 0.238 of a point at 103.445.
United States President Donald Trump espoused earlier today that he is considering tariffs on Canadian dairy and lumber products. His comments came the day after he said he would hold off imposing levies on numerous imports from Canada until April 2.
The Bank of Canada is scheduled to make its next interest rate announcement on March 12. Analysts are expecting the central bank to cut its key rates.
Benchmark crude oil prices were moderately higher on Friday but the possibility of the Trump administration placing more sanctions on Russia tempered the upswing along with the OPEC+ output increases next month. However, Russia suggested the oil alliance could alter its plans after April.
Brent crude oil added 88 cents at US$70.34 per barrel and West Texas Intermediate rose 66 cents at US$67.02.
The TSX Composite Index gained 174.72 points on Friday, closing at 24,758.76.
Gold was down US$7.80 at US$2,918.80 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 7.20 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 1.60 at $ 53.25 Maple Leaf Foods dn $ 0.09 at $ 25.10 Nutrien Ltd. up $ 0.26 at $ 73.40 RB Global Inc. up $ 3.19 at $145.73
(All figures are in Canadian dollars)
