Canadian Financial Close: Loonie bounces back, markets tumble

WINNIPEG – The Canadian dollar moved upwards on Thursday as the stock markets tumbled and crude oil went in opposite directions.

The loonie was at US$0.7891 or US$1=C$1.2673 on Thursday as of 3:32 p.m. CDT, up from Wednesday’s close of US$0.7849 or US$1=C$1.2741. The Bank of Canada did not provide an official closing price, with most federal government offices closed for the National Day for Truth and Reconciliation.

On Thursday, the U.S. House of Representatives passed a Senate-approved bill to avert a partial government shutdown on Friday. U.S. President Joe Biden is expected to sign the bill into law tonight. The U.S. Dollar Index was down 0.09 of a point at 94.25.

Benchmark crude oil prices were mixed at Thursday’s close. Brent crude oil dipped US$0.12 per barrel to US$78.52. West Texas Intermediate (WTI) crude oil increased US$0.20 to US$75.03/barrel. Meanwhile, Western Canadian Select (WCS) crude oil gained US$0.31 to US$63.41/barrel.

The TSX/S&P Composite Index remained on its downturn, losing 87.89 points to 20,070.25.

Reacting to losses on the stock markets, gold jumped US$31.16 per ounce to US$1,757.53.

Equity markets in Canada remained open while observing the National Day for Truth and Reconciliation, while fixed-income markets were closed.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 3.21
Farmer’s Edge Inc. up $ 0.23 at $ 5.04
Linamar Corp. dn $ 0.59 at $ 65.77
Maple Leaf Foods dn $ 0.63 at $ 25.74
Nutrien Ltd. dn $ 0.64 at $ 82.21
Ritchie Bros Auctioneers Inc. dn $ 0.24 at $ 78.16

(All figures are in Canadian dollars.)