WINNIPEG – The Canadian dollar moved up to its highest level since March 6 on Tuesday.
The loonie closed at US$0.7339 or US$1=C$1.3626, up from US$0.7309 or US$1=C$1.3682 on Monday.
Canadian Finance Minister Chrystia Freeland unveiled the federal budget in the House of Commons earlier today. Some of the major points were: a projected C$40.1 billion deficit for the coming fiscal year, C$59.5 billion new spending over the next five years, another one-time doubling of GST rebates this financial year worth C$2.5 billion, C$49.4 billion towards healthcare to the provinces and territories, and C$200 million for the Department of National Defence to assist the Canadian military in donating equipment to Ukraine.
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Glacier FarmMedia | MarketsFarm – The Canadian dollar gained strength on Tuesday, closing at its highest level in 18 days. The loonie…
The United States Dollar Index declined 0.43 of a point at 102.42.
Crude oil continued to rise as exports from Kurdistan remain halted but that was countered by fears over the banking crisis subsiding. Brent crude oil added US$0.59 per barrel to US$78.71. West Texas Intermediate (WTI) was up US$0.54 at US$73.35/barrel. Western Canadian Select (WCS) advanced US$0.59/barrel to US$73.40.
The TSX/S&P Composite Index gained 32.79 points to close at 19,657.53.
Gold jumped US$20.50 at US$1,974.30 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.27
Farmer’s Edge Inc. dn $ 0.005 at $ 0.175
Linamar Corp. dn $ 0.42 at $ 61.42
Maple Leaf Foods up $ 0.43 at $ 25.39
Nutrien Ltd. dn $ 0.97 at $ 98.07
Ritchie Bros Auctioneers Inc. dn $ 0.24 at $ 75.53
(All figures are in Canadian dollars.)
