By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar dropped about a third of a cent on Friday, ahead of United States President Donald Trump slapping 25 per cent tariffs on all imports of goods from Canadian and Mexico, effective Feb. 1.
Earlier in the day there were reports of the Trump administration pushing back their tariffs to Mar. 1, but the White House later denied having any such plans.
The loonie closed on Friday at US$0.6904 or US$1=C$1.4484, compared to Thursday’s finish of US$0.6938 or US$1=C$1.4414. On the U.S. Dollar Index, the greenback advanced 0.719 of a point at 108.340.
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Benchmark crude oil prices were mixed on Friday as it remained unclear if Canadian crude oil will be included in the Trump tariffs.
Brent crude oil stepped back 11 cents at US$77.06 per barrel and West Texas Intermediate added 68 cents at US$73.41.
The TSX Composite Index fell 275.15 points to close Friday at 25,533.10.
Gold lost US$12.80 at US$2,832.40 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.01 at $ 3.45 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 2.39 at $ 56.54 Maple Leaf Foods dn $ 0.31 at $ 21.36 Nutrien Ltd. dn $ 0.74 at $ 75.01 RB Global Inc. dn $ 1.81 at $129.95
(All figures are in Canadian dollars)
