By Commodity News Service Canada
WINNIPEG, Nov. 21 (CNS Canada) – The Canadian dollar was down slightly at market close Wednesday. Following the close federal Minister of Finance Bill Morneau presented his fall fiscal update.
The loonie closed at US$0.7536 or US$1=C$1.3270, which compares with Tuesday’s close of US$0.7542 or C$1.3259.
Buoyed by an increase in federal revenues Morneau announced corporate tax breaks of C$14 billion to be implemented over the next six years. The federal deficit is expected to pass the C$19 billion mark in 2019.
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Oil was up Wednesday as United States West Texas Intermediate crude oil rose by US$1.06 to close at US$54.50 per barrel.
Morneau’s update did not offer specific help for Alberta’s oil industry, which is contending with record low prices.
Gold finished the day up US$5.20 to US$1,226.40 per ounce.
Canada’s agricultural sector faired as follows:
AGT Food and Ingredients———dn $ 0.16 at $ 16.14
Buhler Industries—————-unchanged at $ 3.75
Linamar Corp.——————–up $ 0.72 at $ 50.11
Maple Leaf Foods—————–up $ 0.27 at $ 29.06
Nutrien Ltd.———————up $ 0.10 at $ 67.72
Ritchie Bros Auctioneers Inc.—-dn $ 0.18 at $ 45.42
Rocky Mountain Dealerships Inc.–dn $0.05 at $ 9.24
(All figures are in Canadian dollars.)
