Canadian Financial Close: Loonie up, TSX surges

The Canadian dollar moved closer to 70 United States cents on Monday, the day after the next federal election was called.

The loonie closed at US$0.6984 or US$1=C$1.4318 on Monday, higher than US$0.6970 or US$1=C$1.4348. On Sunday, Prime Minister Mark Carney called a snap federal election to be held on April 28.

The United States Dollar Index improved 0.19 of a point at 104.28. There were reports on Monday that U.S. President Donald Trump could do away with the sector-specific tariffs that were to come into effect April 2.

Trump also said threatened today a 25 per cent tariff on nations who buy Venezuelan oil. Brent crude oil gained US$0.94 at US$73.10 per barrel. West Texas Intermediate added US$0.92 at US$69.20/barrel.

The TSX/S&P Composite Index surged 335.62 points at 25,304.11.

Gold shed US$6.70 per ounce at $3,014.70.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  7.26

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    up  $ 1.53     at $ 52.52

Maple Leaf Foods                 dn  $ 0.11     at $ 24.81

Nutrien Ltd.                     dn  $ 0.08     at $ 75.24

RB Global Inc.                   up  $ 1.18     at $143.34

(All figures are in Canadian dollars.)