By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar gained almost a quarter of a cent on Wednesday, after United States President Donald Trump announced a 90-day pause to his worldwide array of reciprocal tariffs.
However, Trump further increased U.S. tariffs on imports of Chinese goods to 125 per cent from 104 this morning. Also, the 10 per cent duty on all countries remained in place.
The loonie closed Wednesday at US$0.7067 or US$1=C$1.4150, compared to Tuesday’s finish of US$0.7044 or US$1=C$1.4196. On the U.S. Dollar Index, the greenback edged up 0.164 of a point at 102.865.
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Benchmark crude oil prices were stronger on Wednesday, due the changes in levies made by the Trump administration.
Brent crude increased US$2.75 at US$65.57 per barrel and West Texas Intermediate advanced US$2.93 at US$62.51.
The TSX Composite Index reversed course and jumped 1,220.13 points, or 5.42 per cent on Wednesday, closing at 23,727.03. Also, the Dow Jones climbed 7.87 per cent, the S&P 500 surged 9.52 per cent, and the Nasdaq soared 12.16 per cent.
Gold vaulted US$120.20 as it returned above the US$3,000 mark at US$3,110.40.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 7.29 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 4.02 at $ 48.23 Maple Leaf Foods up $ 0.86 at $ 23.72 Nutrien Ltd. up $ 1.50 at $ 68.32 RB Global Inc. up $ 7.75 at $135.51
(All figures are in Canadian dollars)
