By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar lost almost three-quarters of a cent on Friday, as its United States counterpart bounced back while crude oil was hit with more sharp losses.
The loonie closed Friday at US$0.7034 or US$1=C$1.4216, compared to Thursday’s finish of US$0.7108 or US$1=C$1.4069. On the U.S. Dollar Index, the greenback advanced 1.010 points at 102.805.
The impetus for today’s declines was China announcing it will slap a 34 per cent tariff on its imports of U.S. goods effective April 10.
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Benchmark crude oil prices weakened on Friday, not only due to China’s actions, but also planned output increases by OPEC+ in May.
Brent crude oil fell US$3.94 at US$66.20 per barrel and West Texas Intermediate was down US$4.34 at US$62.61.
The TSX Composite Index plummeted 1,142.30 points, or 4.69 per cent, on Friday, closing at 23,193.47 as a global trade war heats up. In the U.S. the S&P 500 dropped 5.97 per cent, the Nasdaq gave up 5.82 per cent and the DOW retreated 5.50 per cent.
Gold pulled back US$65.60 at US$3,056.10 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 7.29 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 1.01 at $ 47.53 Maple Leaf Foods dn $ 1.61 at $ 24.01 Nutrien Ltd. dn $ 4.00 at $ 67.42 RB Global Inc. dn $ 7.33 at $130.81
(All figures are in Canadian dollars)
