Canadian Financial Close: Loonie climbs high on stronger crude
Merchandise trade surplus expands in February
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar remained above 74 U.S. cents on Thursday, supported by increases in global crude oil prices.
The loonie closed at US$0.7405 or US$1=C$1.3504, compared to Wednesday’s finish of US$0.7387 or US$1=C$1.3537. On the United States Dollar Index, the greenback inched up 0.012 points at 103.985.
Benchmark crude oil prices turned higher on Thursday, after trading lower earlier as geopolitical tensions in the Middle East ramped up.
Brent crude oil gained US$1.59 at US$90.94 per barrel and West Texas Intermediate added US$1.35 at US$86.78.
Statistics Canada reported the country’s international merchandise trade in February saw exports jump 5.8 per cent at C$66.6 billion as imports rose 4.6 per cent at C$65.2 billion. The merchandise trade surplus expanded to C$1.4 billion from the C$608 million in January.
The TSX Composite Index was down 60.67 points on Thursday, closing at 22,051.79.
Gold lost US$10.10 at US$2,304.90 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.07 at $ 2.16 Farmers Edge Inc. dn $0.005 at $ 0.345 Linamar Corp. dn $ 0.86 at $ 70.10 Maple Leaf Foods up $ 0.02 at $ 23.20 Nutrien Ltd. up $ 0.13 at $ 76.17 RB Global Inc. dn $ 0.36 at $102.60
(All figures are in Canadian dollars)
