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Canadian Financial Close: Loonie falls with oil

Winnipeg, MB, March 8, 2018 (CNS Canada), Mar 08, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

WINNIPEG, March 8 - The Canadian dollar closed lower Thursday as oil prices weighed on it despite news Canada is indefinitely exempt from United States steel and aluminum tariffs.

The Canadian dollar settled Thursday at US$0.7736 or C$1.2927, compared to Wednesday's North American close of US$0.7753 or C$1.2898.

U.S. President Donald Trump announced Thursday he will announce tariffs soon but Canada and Mexico will have temporary exemptions. According to sources, steel and aluminum tariffs will take effect in 15 days, with Canada and Mexico exempted indefinitely from the duties while North American Free Trade Agreement negotiations are ongoing.

Oil prices fell Thursday on signs of an inventory build at the U.S. storage hub in Crushing, Okla., surging U.S. crude production and investor jitters about a potential trade war. Brent crude fell 73 cents to US$63.61 per barrel.

In Toronto, the TSX/S&P Composite closed higher Thursday after news of Canada's temporary exemption from U.S. steel and aluminum tariffs. The TSX/S&P rose 66.09 points, or 0.43 per cent, to 15,538.70.

     Canada's agricultural sector performed as follows:
     AGT Food and Ingredients-----up  $ 1.36    at $ 16.26
     Buhler Industries------------unchanged     at $  4.08
     Maple Leaf Foods-------------up  $ 0.09    at $ 31.90
     Nutrien Ltd.-----------------dn  $ 0.57    at $ 65.27

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