Canadian Financial Close: C$ strengthens

By MarketsFarm

WINNIPEG, Dec. 1 (MarketsFarm) – The Canadian dollar was stronger on Friday, as monthly jobs data beat expectations.

The Canadian dollar settled at US$0.7404 or US$1=C$1.3508 on Friday, which compares with Thursday’s close of US$0.7363 or US$1=C$1.3582.

While Statistics Canada reported that the country’s unemployment rate edged up 0.1 points in November, to hit 5.8 per cent, the 24,900 new jobs created surpassed trade expectations.

United States Federal Reserve Chair Jerome Powell was seen as taking a balanced approach to monetary policy in comments Friday, with market participants anticipating rate cuts from the Fed sometime in the New Year.

Crude oil was weaker on Friday, with West Texas Intermediate crude oil down by 2.05 per cent at US$74.40 per barrel.

The TSX Composite Index was stronger, gaining 216.58 points to close at 20,452.87 points.

Canada’s agricultural sector performed as follows:

Buhler Ind.———————-up  $ 0.08    at $  2.30

Linamar Corp.——————–up  $ 1.41    at $ 59.02

Maple Leaf Foods—————–up  $ 0.44    at $ 24.57

Nutrien Ltd.———————up  $ 2.52    at $ 75.10

Ritchie Bros Auctioneers Inc.—-up  $ 3.46    at $ 89.71

Farmers Edge Inc.—————-dn  $ 0.005   at $  0.24

(All figures are in Canadian dollars.)