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Canadian Financial Close: Turbulence in store for Canadian dollar says JPMorgan

By Commodity News Service Canada

WINNIPEG, Jan. 14 (CNS Canada) – The Canadian dollar was down slightly at market close Monday in light of a dim forecast from JPMorgan Chase and Company.
The dollar finished the day at US$0.7536 or US$1=C$1.3269, which compares with Friday’s close of US$0.7542 or C$1.3259.
This year’s forecast for the Canadian dollar is turbulent and that is thanks to the political situation in Washington, D.C., according to JPMorgan. Analysts with United States-based bank said there will be problems in getting the new U.S.-Mexico-Canada Agreement ratified by Congress because of poor relations between the Democrats and Republicans. The analysts said that will cause the Canadian dollar to US$1.35 by the middle of 2019.

The S&P/TSX Composite Index closed Monday at 14,975.53 up by 36.35 points.
It was the opposite story with the major U.S. stocks markets. The Dow Jones fell 86.11 points to 23,909.84, the S&P 500 lost 13.65 points to 2,582.61 and the NASDAQ fell 65.56 points to 6,905.92.
Oil was down Monday as West Texas Intermediate crude oil slipped by 91 cents to close at US$50.67 per barrel.
Gold was up Monday by US$2.50 to US$1,292.10 per ounce.

Canada’s agricultural sector faired as follows:

AGT Food and Ingredients———dn $ 0.05 at $ 16.80
Buhler Industries—————-unchanged at $ 3.61
Linamar Corp.——————–dn $ 0.21 at $ 48.46
Maple Leaf Foods—————–dn $ 0.05 at $ 28.43
Nutrien Ltd.———————dn $ 0.24 at $ 65.92
Ritchie Bros Auctioneers Inc.—-up $ 0.07 at $ 46.27
Rocky Mountain Dealerships Inc.–dn $ 0.13 at $ 8.88

(All figures are in Canadian dollars.)

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