Glacier FarmMedia MarketsFarm – The Canadian dollar fell sharply on Tuesday after the release of economic data from Statistics Canada (StatCan).
The loonie closed at US$0.7275 or US$1=C$1.3746, compared to US$0.7322 or US$1=C$1.3658 on Monday. StatCan reported that the country’s real gross domestic product (GDP) increased by 0.2 per cent in February, following a 0.5 per cent gain in January. The agency also estimated that real GDP would be left unchanged in March. As a result, the Canadian economy grew at an annualized rate of 2.5 per cent in the first quarter.
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The United States Dollar Index jumped 0.63 of a point at 106.21.
Crude oil prices were in the decline. Brent crude oil dropped US$0.54 at US$87.86 per barrel. West Texas Intermediate (WTI) cut US$0.99 at US$81.64/barrel.
The TSX/S&P Composite Index lost 297.08 points at 21,714.54.
Gold sank by US$55.60 at US$2,302.10 per ounce due to strength in the U.S. greenback.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.23
Farmer’s Edge Inc. unchanged at $ 0.345
Linamar Corp. dn $ 1.43 at $ 64.83
Maple Leaf Foods dn $ 0.13 at $ 22.37
Nutrien Ltd. dn $ 1.42 at $ 72.59
RB Global Inc. dn $ 2.30 at $ 98.50
(All figures are in Canadian dollars.)
