Glacier FarmMedia – The Canadian dollar fell on Thursday as the United States and China reached a new trade deal and the U.S. greenback strengthened.
The loonie dropped to US$0.7149 or US$1=C$1.3987, compared to US$0.7186 or US$1=C$1.3916 on Wednesday. On Wednesday, the Bank of Canada cut its key interest rates by 25 basis points at 2.25 per cent.
The United States Dollar Index was up 0.31 of a point at 99.53. Earlier today, the U.S. and China announced a new trade deal between the two countries with China agreeing to export rare earth minerals while also importing U.S. soybeans. The U.S.’s total tariff rate on China was cut from 57 per cent to 47 per cent.
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Crude oil prices were down due to the potential for higher supplies and the China-U.S. trade deal. West Texas Intermediate dipped US$0.24 per barrel at US$60.24. Brent crude oil declined US$0.26/barrel at US$64.66.
The TSX/S&P Composite Index added 34.20 points to close at 30,178.98.
Gold rebounded by gaining US$35.60 per ounce at US$4,036.30.
