Canadian Financial Close: C$ rises with crude oil

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm –  The Canadian dollar edged higher relative to its United States counterpart on Thursday, with gains in crude oil providing some support to the energy-linked currency.

The Canadian dollar settled at US$0.7405 or US$1=C$1.3505 on Wednesday, which compares with Wednesday’s close of US$0.7395 or US$1=C$1.3522.

Investment in building construction in Canada increased by 1.7 per cent in November, hitting C$19.8 billion, according to a report from Statistics Canada. The residential sector was up by 2.2 per cent while the non-industrial sector grew by 0.4 per cent.

Crude oil was underpinned by cold weather in the U.S. and expectations for rising global demand, with West Texas Intermediate crude oil up by 2.15 per cent at US$74.12 per barrel.

The TSX Composite Index was stronger, gaining 61.71 points to close at 20,756.73 points.

Canada’s agricultural sector performed as follows:

Buhler Ind.———————-    $ 0.00    at $  2.24

Linamar Corp.——————–up  $ 0.33    at $ 63.97

Maple Leaf Foods—————–up  $ 0.83    at $ 27.20

Nutrien Ltd.———————up  $ 1.35    at $ 67.46

RB Global Inc.——————-up  $ 0.17    at $ 87.32

Farmers Edge Inc.—————-up  $ 0.01    at $  0.345

(All figures are in Canadian dollars.)