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Canadian Financial Close: Loonie sinks with BoC comments

WINNIPEG, MB, March 13, 2018 (CNS Canada), Mar 13, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

WINNIPEG, March 13 (CNS) - The Canadian dollar suffered losses against its U.S. counterpart on Tuesday, on speculation the Bank of Canada would not be raising interest rates anytime soon.

BoC governor Stephen Poloz said the country's economy had "untapped potential" and was in the sweet spot of a business cycle. He added Canada was on track to generate more economic growth and have a larger economy without the onset of high inflation.

The Canadian dollar settled on Tuesday at US$0.7748 cents or C$1.2912, compared to Monday's North American close of US$0.7794 or C$1.2830.

The S&P/TSX Composite Index rose 42.35 points or 0.27 per cent to 15,647.14.

Canadian bonds took strength from Poloz's comments with the 10-year Canadian government note yield falling to 2.203 per cent, according to Tradeweb.

     Canada's agricultural sector performed as follows:
     AGT Food and Ingredients-----dn  $ 0.32    at $ 16.13
     Buhler Industries------------up  $ 0.06    at $  4.16
     Maple Leaf Foods-------------dn  $ 0.28    at $ 31.99
     Nutrien Ltd.-----------------up  $ 0.50    at $ 65.59

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