By MarketsFarm
WINNIPEG, March 28 (MarketsFarm) – The Canadian dollar continued to dip on Thursday, as oil prices reacted to a warning tweet from the United States President.
The Canadian dollar closed at US$.7447 or US$1=C$1.3429, down from Wednesday’s close of US$.7455 or US$1=C$1.3414
The S&P/TSX Composite Index gained 22.96 points to close at 16,155.49.
The NASDAQ closed up, gaining 25.79 at 7,669.17 points. Similarly, The Dow Jones gained 91.87 points to close at 25,717.46. The S&P 500 Index lifted by 10.07 to close at 2,815.44 points. Gains in the stock market were encouraged by trade developments with China and optimism regarding geopolitical risks, according to experts.
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President Donald Trump’s tweets sent oil prices into a tailspin, settling just below Wednesday’s close. Trump told OPEC to start pumping more oil, as the bloc and its Russia-led allies are cutting production to boost prices. Experts said Trump’s previous tweets contributed to OPEC’s decision to lift production limits in June 2018.
West Texas Intermediate crude oil lost three cents to close at US$59.38 per barrel, while Brent crude oil gained seven cents to close at US$67.90 per barrel.
Canada’s agricultural sector faired as follows:
AGT Food and Ingredients——- up $ 0.05 at $ 17.84
Buhler Industries————–unch at $ 3.61
Linamar Corp ——————dn $ 0.08 at $ 47.10
Maple Leaf Foods—————dn $ 0.15 at $ 30.71
Nutrien Ltd. ——————up $ 0.64 at $ 70.11
Ritchie Bros Auctioneers Inc.–up $ 0.56 at $ 45.38
Rocky Mountain Dealership Inc.-up $ 0.03 at $ 8.99
(All figures are in Canadian dollars.)
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