By Commodity News Service Canada
WINNIPEG, May 8 (CNS) – The Canadian dollar dropped against
its U.S. counterpart on Tuesday, beaten back by broad-based
strength in the American greenback. Comments from U.S. Federal
Reserve Chairman Jerome Powell that more interest rates could be
coming drew in traders.
The loonie was also pressured by new housing data that
showed Canadian housing starts fell 4.9 per cent in April.
The Canadian dollar settled Tuesday at US$0.7714 or
C$1.2963, compared to Monday’s North American close of
US$0.7775 or C$1.2862.
Meantime, Canadian government bonds also softened on the
day following U.S. Treasury’s. The yield on the benchmark 10-
year Canadian note rose to 2.349%, compared with 2.329% on
Monday.
The S&P/TSX Composite Index rose 34.08 points, or 0.22%, to
15,842.71.
Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–dn $ 0.54 at $ 16.35
Buhler Industries————– $ 0.00 at $ 4.00
Maple Leaf Foods————-up $ 0.28 at $ 29.31
Nutrien Ltd.—————–up $ 1.68 at $ 61.67
(All figures are in Canadian dollars.)
