Canadian Financial Close: More Trump tariff talk weakens loonie
Significant upswing in U.S. greenback
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar gave up a quarter cent on Wednesday as the United States dollar was stronger.
The loonie closed on Wednesday at US$0.6949 or US$1=1.4390, compared to Tuesday’s finish of US$0.6974 or US$1=1.4340.
On the U.S. Dollar Index, the greenback gained 0.467 of a point at 108.845 after President-elect Donald Trump stated he might declare a national emergency as a means to push through his tariff plans.
Benchmark crude oil prices were lower on Wednesday as U.S. oil stocks and the U.S. dollar increased. The declines were tempered by lower OPEC production.
Brent crude oil lost 88 cents at US$76.17 per barrel and West Texas Intermediate fell 93 cents at US$72.32.
The TSX Composite Index advanced 121.79 points to close Wednesday at 25,051.68.
Gold climbed US$15.10 at US$2,680.50 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.10 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 2.17 at $ 55.04 Maple Leaf Foods dn $ 0.16 at $ 20.09 Nutrien Ltd. dn $ 0.49 at $ 68.81 RB Global Inc. up $ 1.03 at $129.91
(All figures are in Canadian dollars)
