By Commodity News Service Canada
WINNIPEG, July 18 (CNS) – The Canadian dollar soared to its highest level in 14 months compared to the American dollar today. The U.S. dollar tumbled as investors cast doubts on U.S. President Donald Trump’s ability to push through his agenda for tax reform, infrastructure spending and financial sector deregulation. The loonie closed today at 79.19 cents U.S. or C$1.2628. It ended yesterday at 78.93 cents U.S., or C$1.2669.
In Toronto, the S&P/TSX Composite Index dropped 51.79 points, or 0.10%, to 15,149.57.
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WTI crude rose 48 cents, or 1.04 % to US$46.50.
In New York, the S&P 500 gained 1.47 points (.06%) to end at 2,460.61, the Dow Jones fell 54.99 points (.25%) to finish at 21,574.73 and Nasdaq closed the day 29.87 points higher (.47%) at 6,344.31.
Federal Finance Minister Bill Morneau said today that measures taken to slow hot housing markets appear to be working. The government brought in stricter borrowing rules last year to discourage Canadians from taking on too much debt. Morneau said regulatory changes taken by both the federal and provincial governments were designed to make home price increases more sustainably, especially in Toronto and Vancouver.
Sears Canada received approval from courts to begin liquidation sales on Friday at 59 stores slated for closure.
Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–up $ 0.23 at $ 25.16
Agrium Incorporated———-dn $ 0.84 at $124.13
Buhler Industries————dn $ 0.08 at $ 4.15
Maple Leaf Foods————-dn $ 0.01 at $ 32.78
Potash Corp. of Sask———dn $ 0.16 at $ 22.32
(All figures are in Canadian dollars.)
