Canadian Financial Close: Loonie advances along with crude oil
Drop in greenback adds more support
Compiled by MarketsFarm
WINNIPEG, Nov. 2 (MarketsFarm) – The Canadian dollar was stronger on Thursday, as its United Stated counterpart lost significant ground and global crude oil prices made healthy gains.
The loonie closed at US$0.7258 or US$1=C$1.3778, compared to Wednesday’s finish of US$0.7207 or US$1=C$1.3875. On the U.S. Dollar Index, the greenback tumbled 0.685 of a point at 106.030.
Benchmark crude oil prices increased on Thursday due to support from interest rate freezes by the U.S. Federal Reserve on Wednesday and the Bank of England today. However, pressure from growing U.S. stocks and China’s sluggish economy tempered further upticks.
Brent crude oil advanced US$2.22 at US$86.85 per barrel, and West Texas Intermediate gained US$2.09 at US$82.53.
The TSX Composite Index jumped 547.34 points on Thursday to close at 19,626.34.
Gold added US$5.90 at US$1,993.40 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.31 Farmers Edge Inc. up $ 0.015 at $ 0.125 Linamar Corp. up $ 0.41 at $ 60.74 Maple Leaf Foods dn $ 2.21 at $ 25.28 Nutrien Ltd. up $ 1.03 at $ 76.09 Rb Global Inc. up $ 1.87 at $ 92.98
(All figures are in Canadian dollars)
