Canadian Financial Close: Down day for loonie, oil and stocks

Source: Canadian Cattlemen

WINNIPEG, March 23 (MarketsFarm) – The Canadian dollar fell on Tuesday due to a decline in oil prices and the Bank of Canada’s decision to phase out crisis liquidity programs and adjust quantitative easing programs. The federal government also announced today it will table its first budget since 2019 on April 19.

The loonie finished at US$0.7961 or US$1=C$1.2562, compared to Monday’s close of US$0.7992 or US$1=C$1.2513. On the United States Dollar Index, the greenback jumped 0.62 to 92.36 points.

Benchmark crude oil prices had a freefall on Tuesday as the threat of a third COVID-19 wave and slow vaccine rollouts in Europe, as well as rising U.S. gasoline stockpiles affected prices. Brent crude oil lost US$4.10 per barrel to US$60.52. West Texas Intermediate (WTI) crude oil declined by US$4.01 at US$57.55/barrel. Western Canadian Select (WCS) crude oil dropped by $3.80 to US$47.06/barrel.

Remarks by U.S. Treasury Secretary Janet Yellen to increase taxes in order to pay for new investments, as well as announcements from the Bank of Canada have put the TSX Composite Index in a downturn on Tuesday, retreating by 145.33 points to 18,669.80.

Gold tumbled by US$11.26 to US$1,727.77 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries dn $ 0.07 at $ 3.32
Linamar Corp. dn $ 3.82 at $ 74.94
Maple Leaf Foods up $ 0.58 at $ 29.34
Nutrien Ltd. dn $ 1.43 at $ 68.74
Ritchie Bros Auctioneers Inc. dn $ 0.08 at $ 70.98

(All figures are in Canadian dollars.)

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