Canadian Financial Close: Loonie down with U.S. tariffs

By Commodity News Service Canada

WINNIPEG, May 31 (CNS) – The Canadian dollar fell in value
Thursday, weighted by United States steel and aluminum tariffs.

The Canadian dollar settled Thursday at US$0.7723 or
C$1.2948, compared to Wednesday’s North American close of
US$0.7754 or C$1.2897.

The dollar was pressured after the United States announced
tariffs on Canadian, Mexican and European Union steel and
aluminum imports Thursday morning.

Brent crude oil losses were limited Thursday, as the
prospect that the Organization of the Petroleum Exporting

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Countries will bring its supply-cut deal to a close by the end
of the year had a greater effect on the U.S. benchmark due to
ongoing worries about U.S. infrastructure constraints. Brent
crude dropped 14 cents to settle at US$77.56 per barrel.

In Toronto, the TSX/S&P Composite was little changed
Thursday following news of U.S. tariffs on steel and aluminum
imports. The TSX/S&P gained 12.84 points, or 0.08 per cent, to
16,061.50.

Canada’s agricultural sector performed as follows:

AGT Food and Ingredients—–dn $ 0.33 at $ 15.64
Buhler Industries————unchanged at $ 3.61
Maple Leaf Foods————-dn $ 0.11 at $ 30.22
Nutrien Ltd.—————–dn $ 0.16 at $ 65.61

(All figures are in Canadian dollars.)