Canadian Financial Close: Loonie, crude oil lower

Glacier FarmMedia – The Canadian dollar eased off on Thursday.

The loonie closed at US$0.7231 or US$1=C$1.3829, compared to US$0.7250 or US$1=C$1.3794 on Wednesday. Statistics Canada reported this morning that Canada’s merchandise trade deficit was at C$4.9 billion in July, compared to C$6 billion in June. Canada’s trade surplus with the United States grew by C$3 billion from the month before at C$6.7 billion.

The United States Dollar Index was up 0.14 of a point at 98.28. Data from processing firm ADP published this morning said private payrolls in the U.S. increased by just 54,000 in August, below economists’ estimate of 75,000 and below the 106,000 reported for July.

Crude oil prices continued to fall on Thursday on reports OPEC+ may decide at its meeting on Sunday to raise output in October.

West Texas Intermediate dropped US$0.66 per barrel at US$63.31. Brent crude oil declined US$0.78/barrel at US$66.82.

The TSX/S&P Composite Index reached another all-time high of 28,924.34 points today before closing at 28,915.89, up 164.53 points from Wednesday.

Gold fell US$29.50 per ounce at US$3,606.50.