Canadian Financial Close: Loonie closes below 73 U.S. cents
Huge uptick in U.S. dollar
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar dropped on Friday in the face of a surge in the United States dollar.
The loonie closed at US$0.7278 or US$1=C$1.3740, compared to Thursday’s finish of US$0.7307 or US$1=C$1.3686. On the U.S. Dollar Index, the greenback spiked 0.838 of a point at 104.545.
Benchmark crude oil prices were slightly lower on Friday as OPEC+ reiterated that’s it’s open to canceling its forthcoming production cuts. Brent crude oil gave up 49 cents at US$79.38 per barrel and West Texas Intermediate shed 28 cents at US$75.27.
Statistics Canada reported a net gain of 27,000 jobs in May, but the unemployment rate nudged up to 6.2 per cent.
The TSX Composite Index lost 216.53 points on Friday to close at 22,012.57.
Gold plummeted US$82.70 at US$2,308.20 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.10 at $ 2.10 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.49 at $ 69.16 Maple Leaf Foods up $ 0.03 at $ 22.77 Nutrien Ltd. dn $ 0.13 at $ 76.24 RB Global Inc. dn $ 0.50 at $100.00
(All figures are in Canadian dollars)
