Canadian Financial Close: Loonie slightly declines amidst trade deficit

WINNIPEG – The Canadian dollar dipped on Tuesday, but still remained above 81 cents U.S.

The loonie was at US$0.8120 or US$1=C$1.2315 on Tuesday, down from Monday’s close at US$0.8144 or US$1=C$1.2279. Meanwhile, the United States Dollar Index reversed yesterday’s losses, increasing by 0.31 at 91.25 points. Statistics Canada reported earlier today that Canada had a C$1.1 billion trade deficit in March despite analysts predicting a C$700 million surplus.

Benchmark crude oil prices continued to rise on Tuesday. Brent crude oil jumped by US$1.35 per barrel to US$68.91. West Texas Intermediate (WTI) crude oil ascended by US$1.30 to US$65.79/barrel. Western Canadian Select (WCS) crude oil remained mostly steady, increasing by US$0.07 to US$52.61/barrel.

The TSX Composite Index fell by 25.13 points to 19,188.03.

Gold dropped by US$12.88 per ounce to US$1,780.01.

Canada’s agricultural sector fared as follows:

Buhler Industries dn $ 0.10 at $ 3.65
Farmer’s Edge Inc. dn $ 0.79 at $ 16.87
Linamar Corp. dn $ 1.15 at $ 71.14
Maple Leaf Foods dn $ 0.48 at $ 27.80
Nutrien Ltd. up $ 3.13 at $ 71.85
Ritchie Bros Auctioneers Inc. dn $ 0.70 at $ 76.84

(All figures are in Canadian dollars.)

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