Canadian Financial Close: Loonie rises with hope of possible tariff exemption

By Commodity News Service Canada

WINNIPEG, March 7 – The Canadian dollar rose at close
Wednesday on news Canada could be possibly exempt from the
United States proposed steel and aluminum tariffs.

The Canadian dollar settled Wednesday at US$0.7753 or
C$1.2898, compared to Tuesday’s North American close of
US$0.7724 or C$1.2947.

Canada and Mexico could get a special exemption from U.S.
President Donald Trump’s proposed tariffs on steel and aluminum.
White House Spokeswoman Sarah Sanders said there could be

potential carve-outs for Canada and Mexico based on national

Oil prices tumbled Wednesday as financial markets slid amid
concerns that Washington’s plans for import tariffs could spark
a trade war. Data released from the U.S. government showed an
increase in crude inventories and output, which also dragged oil
prices down. Brent crude dropped US$1.45 to US$64.34 per barrel.

In Toronto, the TSX/S&P Composite fell Wednesday, as a drop
in commodity prices weighed on resource shares, while steel
producer Stelco Holdings Inc. rallied on prospects for Canada to
be exempted from proposed U.S. metal tariffs. The TSX/S&P closed
down 72.58 points, or 0.47 per cent, to 15,472.61.

Canada’s agricultural sector performed as follows:

AGT Food and Ingredients—–dn $ 0.77 at $ 14.90
Buhler Industries————unchanged at $ 4.08
Maple Leaf Foods————-up $ 0.65 at $ 31.81
Nutrien Ltd.—————–dn $ 0.50 at $ 65.84

(All figures are in Canadian dollars.)


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