Canadian Financial Close: Loonie sinks against US dollar


By Commodity News Service Canada

WINNIPEG, April 19 – The Canadian dollar continued to drop

against its US counterpart, following weakness in crude oil

prices and the narrowing of yield spreads.

The US$/C$ pairing has broken out of its consolidative

range, according to a report.

The Canadian dollar closed at US$0.7418 or C$1.3480,

compared to Tuesday’s close of US$0.7473 or C$1.3381.

The S&P/TSX Composite Index dropped on Wednesday, weighed

down by weakness in the mining sector.

Barrick Gold fell 3.4% on the day. Analysts said the

company’s failure to sell a mine in Australia to a Chinese group

spearheaded the move lower.

The index declined 69.69 points, or 0.50%, to 15,552.88.

Canada’s agricultural sector performed as follows:

AGT Food and Ingredients—–dn $ 1.15 at $ 29.56

Agrium Incorporated———-up $ 0.45 at $123.46

Buhler Industries————dn $ 0.13 at $ 4.62

Maple Leaf Foods————-dn $ 0.06 at $ 32.20

Potash Corp. of Sask———dn $ 0.07 at $ 22.12

(All figures are in Canadian dollars.)