By MarketsFarm
WINNIPEG, March 17 (MarketsFarm) – The Canadian dollar was lower on Tuesday, finishing at its lowest level in four years as oil prices weakened.
The dollar finished the day at US$0.7055 or US$1=C$1.4175, compared to Monday when it closed at US$0.7161 or US$1=C$1.3964.
Benchmark crude oil prices were down on Tuesday as the Saudi Arabia/Russia price war continues.
Brent crude oil fell US$1.47 to close at US$28.58 per barrel. West Texas Intermediate (WTI) crude oil dropped US$1.92 to close at US$26.78 per barrel. Western Canadian Select lost US$1.22 to close at US$13.45 per barrel.
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The TSX Composite Index gained 324.81 points to close at 12,685.21 on Tuesday after plummeting to its four-year low as well. The TSX took back some of its losses on hope the federal government’s support package will stymie the negative effects the COVID-19 coronavirus is having on the markets.
There were positive signs as well in the United States, with the Trump administration promising US$1.2 trillion in economic stimulus.
The Dow Jones stepped back from its worst ever loss to close with a gain of 1,048.49 points at 21,237.01. The NASDAQ was up 430.19 points to finish at 7,334.78, and the S&P 500 rose 142.85 to end at 2,528.98 point.
Gold was up US$14.18 at 1,528.29 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.85
Linamar Corp. dn $ 0.70 at $ 29.19
Maple Leaf Foods up $ 1.72 at $ 22.50
Ritchie Bros Auctioneers Inc. dn $ 1.31 at $ 43.82
Rocky Mountain Dealerships Inc. unchanged at $ 3.86
(All figures are in Canadian dollars.)
