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Canadian dollar tops 77 cents US

Loonie hits highest value of the year above 77 cents US

Source: March 30, 2016 CBC News

The Canadian dollar rose above 77 cents US on Wednesday, a day after U.S. Federal Reserve chair Janet Yellen brought the U.S. currency back down to Earth with her comments on the American economy.

The loonie, as it’s known, closed at 77.17 cents US, up by .68 of a cent. Earlier in the day the loonie was at 77.44 cents US, its highest level since October.

The loonie’s gain comes despite a slightly down day for oil, which lost three cents to trade at $38.25 US a barrel. Read more

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Most significant risk for the agriculture sector in 2015? Demand!

By JP Gervais, Chief Agriculture Economist

Many agricultural economic drivers are currently quite favourable. Oil prices continue to head lower. The Canadian dollar is at the lowest level of the last five years and interest rates have been low for an extended period of time.

Profit margins are significantly higher than average in the livestock sector. Yes, profits are tighter for the grain and oilseed sector, but the market seems to be carving out a bottom.

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Canadian dollar sinks below 88 cents as Saudis cut oil to $77 a barrel

U.S. produced more oil than Saudi Arabia last month

By Pete Evans, CBC News – November 4, 2014

The Canadian dollar today sank to its lowest level in five years as Saudi Arabia moved to slash its price for the type of oil used in much of North America to its lowest level since September 2010.

Late Monday, Saudi Arabia said it would start selling its oil in the U.S. market for the cheapest price it has offered in more than four years.

The loonie was down 0.41 of a cent to 87.63 US at the close of trading.

Oil prices have fallen sharply this year, particularly in recent months — the U.S. contract was trading at $100 a barrel as recently as July.

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