By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar stepped up on Tuesday, due to declines in its United States counterpart and despite losses in crude oil.
Come Wednesday, the Trump administration will boost tariffs on U.S. imports from China to 104 per cent unless the latter cancels its 34 per cent reciprocal levy on its imports from the U.S.
Also the Canadian government reiterated it will proceed at midnight tonight with 25 per cent tariffs on U.S. autos that are not compliant with the Canada-U.S.-Mexico Agreement.
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The loonie closed Tuesday at US$0.7044 or US$1=C$1.4196, compared to Monday’s finish of US$0.7029 or US$1=C$1.4226. On the U.S. Dollar Index, the greenback gave up 0.302 points at 102.670.
Benchmark crude oil prices dropped on Tuesday, due to growing trade war between the U.S. and China.
Brent crude oil lost US$2.34 at US$61.87 per barrel and West Texas Intermediate retreated US$2.19 at US$58.51.
The TSX Composite Index fell 352.56 points, or 1.54 per cent on Tuesday, closing at 22,506.90. In the U.S., the Dow Jones was down 0.84 per cent, the S&P 500 pulled back 1.57 per cent, and the Nasdaq forfeited 2.15 per cent.
Gold climbed US$21.60 at US$2,995.20.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 7.29 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 2.08 at $ 44.21 Maple Leaf Foods dn $ 0.68 at $ 22.86 Nutrien Ltd. dn $ 0.89 at $ 66.82 RB Global Inc. dn $ 1.25 at $127.76
(All figures are in Canadian dollars)
