By Commodity News Service Canada
WINNIPEG, April 25 (CNS Canada) – The Canadian dollar was weaker on Tuesday, as the currency reacted to news that the US was imposing import tariffs of Canadian softwood lumber.
The Canadian dollar closed at US$0.7357 or US$1=C$1.3592, which compares with Monday’s close of US$0.7412, or US$1=C$1.3492.
The US argues that Canadian lumber is unfairly subsidized and is implementing tariffs that range from three to 24 per cent. Canada rejects the claim, and concerns over increased trade disputes between the two countries accounted for much of the weakness in the loonie.
Crude oil was slightly firmer on Tuesday.
The S&P/TSX Composite Index was stronger on Tuesday, gaining 32.73 points, or 0.2%, to close at 15,745.19.
Canada’s agricultural sector faired as follows:
AGT Food and Ingredients—–up $ 0.21 at $ 29.85
Agrium Incorporated———-up $ 1.75 at $125.61
Buhler Industries———— $ 0.00 at $ 4.65
Maple Leaf Foods————-dn $ 0.05 at $ 31.85
Potash Corp. of Sask———up $ 0.38 at $ 22.55
(All figures are in Canadian dollars.)
