Canadian Financial Close: Crude oil, TSX take tumbles

Glacier FarmMedia MarketsFarm – The Canadian dollar took a step back to close out the week.

The loonie closed at US$0.7383 or US$1=C$1.3545, compared to US$0.7400 or US$1=C$1.3514 on Thursday. Statistics Canada reported the unemployment rate rose to 6.6 per cent in August, compared to 6.4 per cent in July. However, the Canadian economy added 22,000 jobs.

The United States Dollar Index was up 0.11 of a point at 101.21.

Underwhelming employment data from the U.S. led to declines in crude oil prices. West Texas Intermediate (WTI) dropped US$0.98 at US$68.17 per barrel. Brent crude oil erased US$1.17 at US$71.52/barrel.

Speculation over the extent of a potential key interest rate cut in the U.S. led the TSX Composite Index to lose 206.85 points at 22,781.43.

Gold fell US$17.80 at US$2,525.00 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  2.40

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    dn  $ 1.12     at $ 60.34

Maple Leaf Foods                 dn  $ 0.22     at $ 21.96

Nutrien Ltd.                     up  $ 0.01     at $ 62.84

RB Global Inc.                   dn  $ 1.18     at $112.08

(All figures are in Canadian dollars.)