MID-DAY: Loonie gains on positive export data; TSX weighted by oil slide
The Loonie is gaining on a good news story for Canada’s exports.
Stats Can reported the trade deficit dropped by about three billion dollars from March to April to 1.9 billion thanks to growth in exports. Analysts had projected that deficit to be about $2 billion more.
Following the report, the Loonie is gaining to 77.47 cents US.
Although Canada’s trade industry still faces turbulence with the new tariffs imposed by the US on metals. The tariffs are expected to be a hot topic of discussion at the upcoming G7 Summit in Quebec.
Despite the gain in exports, the TSX is flat at 16,125 as oil prices drop and gold prices gain. The price of crude has continued to drop as world producers plan to increase output. US crude is down to 64.61 a barrel.
Across the border the Dow is getting a boost from Tesla and UnitedHealth stocks, as it grows 139 points to 24,939.