The Canadian dollar moved closer to 70 United States cents on Monday, the day after the next federal election was called.
The loonie closed at US$0.6984 or US$1=C$1.4318 on Monday, higher than US$0.6970 or US$1=C$1.4348. On Sunday, Prime Minister Mark Carney called a snap federal election to be held on April 28.
The United States Dollar Index improved 0.19 of a point at 104.28. There were reports on Monday that U.S. President Donald Trump could do away with the sector-specific tariffs that were to come into effect April 2.
Trump also said threatened today a 25 per cent tariff on nations who buy Venezuelan oil. Brent crude oil gained US$0.94 at US$73.10 per barrel. West Texas Intermediate added US$0.92 at US$69.20/barrel.
The TSX/S&P Composite Index surged 335.62 points at 25,304.11.
Gold shed US$6.70 per ounce at $3,014.70.
Canada’s agricultural sector fared as follows:
Buhler Ind.                     unchanged      at $ 7.26
Farmer’s Edge Inc.              unchanged     at $ 0.345
Linamar Corp.                   up $ 1.53     at $ 52.52
Maple Leaf Foods                dn  $ 0.11    at $ 24.81
Nutrien Ltd.                    dn  $ 0.08     at $ 75.24
RB Global Inc.                  up $ 1.18    at $143.34
(All figures are in Canadian dollars.)
