By MarketsFarm
WINNIPEG, March 24 (MarketsFarm) – The Canadian dollar was steady on Tuesday, dropping by a small fraction of a cent to finish around 69 U.S. cents, following a dismal forecast for the Canadian economy published by CIBC earlier today.
The dollar finished the day at US$0.6901 or US$1=C$1.4491, compared to Monday when it closed at US$0.6905 or US$1=C$1.4482.
The Canadian economy is expected to contract sharply during the second quarter of 2020, according to a forecast by CIBC’s economists. The report predicted Canada’s economic output will shrink at an annual pace of 15 to 20 per cent, which would be the fastest contraction since 1962. The rate of unemployment is expected to rise over 9 per cent for the first time in over 20 years.
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The TSX Composite Index was up by 1,342.59 points to close at 12,571.08.
Brent crude oil gained 29 cents to close at US$27.32 per barrel. West Texas Intermediate (WTI) crude oil rose by 75 cents to close at US$24.10 per barrel.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.85
Linamar Corp. up $ 2.34 at $ 27.32
Maple Leaf Foods up $ 1.10 at $ 21.51
Nutrien Ltd. up $ 4.29 at $ 41.81
Ritchie Bros Auctioneers Inc. up $ 4.39 at $ 45.02
Rocky Mountain Dealerships Inc. up $ 0.05 at $ 3.60
(All figures are in Canadian dollars.)
