Canadian Financial Close: Loonie, crude oil make big gains

Glacier FarmMedia MarketsFarm – The Canadian dollar surpassed the 74 United States cent mark on Thursday.

The loonie closed at US$0.7411 or US$1=C$1.3493, compared to US$0.7380 or US$1=C$1.3550 on Wednesday.

The United States Dollar Index dropped 0.44 of a point at 104.29. The U.S. Commerce Department reported on Thursday that retail sales in January fell 0.8 per cent, the biggest drop since March 2023.

Due to the U.S. dollar’s resulting sell-off, crude oil prices jumped on Thursday despite anticipated lower global demand. Brent crude oil rose US$1.30 at US$82.90 per barrel. West Texas Intermediate (WTI) climbed US$1.53 at US$78.17/barrel.

The TSX/S&P Composite Index had its second straight big day, gaining 333.29 points at 21,222.69.

Gold added US$11.90 at US$2,016.20 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      dn  $ 0.05     at $  2.17

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    up  $ 0.94     at $ 67.05

Maple Leaf Foods                 up  $ 0.21     at $ 25.89

Nutrien Ltd.                     up  $ 1.73     at $ 67.89

RB Global Inc.                   up  $ 0.18     at $ 93.23

(All figures are in Canadian dollars.)