By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar rose for a second day on Wednesday, a few hours before United States President Donald Trump announced his wide-ranging plan to impose reciprocal tariffs on most other countries.
The loonie closed Wednesday at US$0.6983 or US$1=C$1.4320, compared to Tuesday’s finish of US$0.6970 or US$1=C$1.4348. On the U.S. Dollar Index, the greenback dropped 0.864 of a point at 103.570 shortly after Trump spoke.
The president boasted his tariffs will increase U.S. employment and lower consumer prices. He accused other countries, “friend or foe,” of “raping and pillaging” the U.S. over the last 50 years. Meanwhile a broad spectrum of analysts repeatedly warned that the U.S. is very likely to experience increased unemployment and inflation.
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Benchmark crude oil prices were higher on Wednesday, as the market braced for the impact of Trump’s tariffs amid supply concerns.
Brent crude oil added 49 cents at US$74.98 per barrel and West Texas Intermediate gained 58 cents at US$71.78.
The TSX Composite Index advanced 273.90 points on Wednesday, closing at 25,307.18.
Gold increased US$19.00 at US$3,165.00 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 7.29 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 1.92 at $ 51.74 Maple Leaf Foods up $ 0.30 at $ 25.45 Nutrien Ltd. up $ 0.60 at $ 71.53 RB Global Inc. up $ 0.88 at $144.55
