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Canadian Financial Close: Loonie falls with oil

By Commodity News Service Canada

WINNIPEG, March 8 – The Canadian dollar closed lower
Thursday as oil prices weighed on it despite news Canada is
indefinitely exempt from United States steel and aluminum
tariffs.

The Canadian dollar settled Thursday at US$0.7736 or
C$1.2927, compared to Wednesday’s North American close of
US$0.7753 or C$1.2898.

U.S. President Donald Trump announced Thursday he will
announce tariffs soon but Canada and Mexico will have temporary
exemptions. According to sources, steel and aluminum tariffs

will take effect in 15 days, with Canada and Mexico exempted
indefinitely from the duties while North American Free Trade
Agreement negotiations are ongoing.

Oil prices fell Thursday on signs of an inventory build at
the U.S. storage hub in Crushing, Okla., surging U.S. crude
production and investor jitters about a potential trade war.
Brent crude fell 73 cents to US$63.61 per barrel.

In Toronto, the TSX/S&P Composite closed higher Thursday
after news of Canada’s temporary exemption from U.S. steel and
aluminum tariffs. The TSX/S&P rose 66.09 points, or 0.43 per
cent, to 15,538.70.

Canada’s agricultural sector performed as follows:

AGT Food and Ingredients—–up $ 1.36 at $ 16.26
Buhler Industries————unchanged at $ 4.08
Maple Leaf Foods————-up $ 0.09 at $ 31.90
Nutrien Ltd.—————–dn $ 0.57 at $ 65.27

(All figures are in Canadian dollars.)

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Glacier FarmMedia Feed

Glacier FarmMedia, a division of Glacier Media, is Canada's largest publisher of agricultural news in print and online.

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