Canadian Financial Close: Loonie closes well below 71 U.S. cents
Greenback rises, crude oil falls back
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar was weaker on Friday, falling to lows unseen since April 2020.
The loonie closed Friday at US$0.7074 or US$1=1.4136, compared to Thursday’s finish of US$0.7124 or US$1=1.4038. On the U.S. Dollar Index, the greenback added 0.259 of a point at 105.960.
Benchmark crude oil prices weakened on Friday, as ample global supplies led OPEC+ to extend its output reductions to the end of 2026.
Brent crude oil lost US$1.04 at US$71.05 per barrel and West Texas Intermediate gave up US$1.14 at US$67.16.
Statistics Canada reported unemployment grew to 6.8 per cent in November from 6.5 per cent in October. Reports said the increase virtually assured the Bank of Canada will make another interest rate cut next week, with the only question being by how much?
The TSX Composite Index tacked on 11.76 points on Friday to close at 25,691.80.
Gold rose US$6.00 at US$2,654.40 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.01 at $ 2.89 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.65 at $ 61.51 Maple Leaf Foods dn $ 0.96 at $ 22.40 Nutrien Ltd. up $ 0.40 at $ 67.88 RB Global Inc. dn $ 0.10 at $137.03
(All figures are in Canadian dollars)
