By MarketsFarm
WINNIPEG, April 14 (MarketsFarm) – The Canadian dollar was higher Tuesday on market expectations that the Bank of Canada will freeze its key lending rate tomorrow at 0.25 per cent.
The dollar finished the day at US$0.7192 or US$1=C$1.3904, compared to Monday when it closed at US$0.7176 or US$1=C$1.3936.
Also, the markets believe the central bank could introduce other measures, such as a quantitative easing program.
The International Monetary Fund (IMF) has forecast the global economy to shrink by three per cent in 2020 due to the COVID-19 pandemic, making a deep global recession almost certain. The IMF pegged Canada’s economy to contract by more than six per cent.
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Benchmark crude oil prices were lower on Tuesday, as global supply still outweighs Monday’s multi-lateral agreement to slash production by up to 20 million barrels per day.
Brent crude oil dropped US$1.671 to close at US$30.03 per barrel. West Texas Intermediate (WTI) crude oil fell US$1.69 at US$20.72 per barrel. Meanwhile, Western Canadian Select (WCS) gained US$1.75 at US$5.71 per barrel.
The TSX Composite Index rose 182.49 points to close at 14,258.43 as companies begin reporting their first quarter earnings.
Gold was up US$10.79 at 1,726.13 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.16 at $ 2.70
Linamar Corp. up $ 0.05 at $ 33.89
Maple Leaf Foods up $ 0.06 at $ 25.19
Nutrien Ltd. dn $ 0.35 at $ 49.21
Ritchie Bros Auctioneers Inc. up $ 2.54 at $ 56.09
Rocky Mountain Dealerships Inc. up $ 0.13 at $ 4.28
(All figures are in Canadian dollars.)
