By MarketsFarm
WINNIPEG, April 23 (MarketsFarm) – The Canadian dollar was down slightly on Tuesday, as oil production cuts in Alberta, a slowdown in the housing market, and growing global trade concerns dampen economic growth.
The Canadian dollar closed at US$.7444 or US$1=C$1.3433, down from Monday’s close of US$.7489 or US$1=C$1.3353.
The S&P/TSX Composite Index gained 92.12 points to close at 16,669.40.
The NASDAQ closed up, gaining 105.55 at 8,120.82 points. Similarly, The Dow Jones gained 145.34 points to close at 26,656.39. The S&P 500 Index was up by 25.71 points, closing at 2,933.68 points.
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The Bank of Canada is expected to hold its benchmark interest rate steady at 1.75% on Wednesday, according to a report from Reuters.
“The impetus for a rate hike has been removed by slowing economic data.” said Ranko Berich, head of market analysis at Monex Canada and Monex Europe.
The TSX, S&P 500, and NASDAQ closed at all-time highs thanks to lifts from strong financial data from U.S. corporations, and higher crude oil prices.
Crude oil prices continue to climb following an announcement that the United States will be taking further steps to sanction Iranian oil. West Texas Intermediate gained 76 cents to hit US$66.31 per barrel, and Brent Crude similarly gained 84 cents to trade at US$74.48 per barrel.
Canada’s agricultural sector fared as follows:
AGT Food and Ingredients——-up $ 0.04 at $ 17.99
Linamar Corp ——————dn $ 1.09 at $ 51.00
Maple Leaf Foods—————up $ 0.16 at $ 30.70
Nutrien Ltd. ——————up $ 0.75 at $ 72.60
Ritchie Bros Auctioneers Inc.–up $ 0.77 at $ 46.50
Rocky Mountain Dealership Inc.-dn $ 0.05 at $ 9.27
(All figures are in Canadian dollars.)
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