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Canadian Financial Close: Loonie rallies along with stocks, oil

By MarketsFarm

WINNIPEG, March 25 (MarketsFarm) – The Canadian dollar was stronger on Wednesday, as the Canadian government comes closer to passing an aid bill to assist Canadians impacted by the COVID-19 pandemic.

The dollar finished the day at US$0.6992 or US$1=C$1.4302, compared to Wednesday when it closed at US$0.6901 or US$1=C$1.4491.

The Canadian Emergency Response Benefit provides C$2,000 per month for up to four months to workers who lost their income due to the COVID-19 pandemic. The benefit is available to those who do qualify for Employment Insurance as well as those who don’t.

Following the announcement, stock indices showed gains. The TSX Composite Index was up by 568.15 points to close at 13,139.15.

Brent crude oil gained 29 cents to close at US$27.44 per barrel. West Texas Intermediate (WTI) crude oil rose by 23 cents to close at US$24.23 per barrel.

Canada’s agricultural sector fared as follows:

Buhler Industries                up  $ 0.56     at $  3.48
Linamar Corp.                    up  $ 1.77     at $ 27.32
Maple Leaf Foods                 dn  $ 0.90     at $ 20.61
Nutrien Ltd.                     up  $ 1.82     at $ 43.63
Ritchie Bros Auctioneers Inc.    dn  $ 0.68     at $ 44.34
Rocky Mountain Dealerships Inc.  up  $ 0.40     at $  4.00

(All figures are in Canadian dollars.)

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