Canadian Financial Close: Loonie drops, gold rises sharply

Glacier FarmMedia MarketsFarm – The Canadian dollar dropped yet again on Thursday which is now struggling to stay above the 73 United States cent mark.

The loonie closed at US$0.7304 or US$1=C$1.3692, compared to US$0.7315 or US$1=C$1.3671 on Wednesday. The U.S. Dollar Index added 0.02 of a point at 105.27, but surpassed the 105.50 mark earlier today for the first time since last November.

Crude oil prices took a step back on Thursday due to inflation fears overshadowing tensions in the Middle East. Brent crude oil declined US$0.22 at US$90.26 per barrel. West Texas Intermediate (WTI) was down US$0.56 at US$85.65/barrel.

The TSX/S&P Composite Index lost 89.02 points at 22,110.11.

Gold surged US$42.10 at US$2,390.50 per ounce, approaching record high prices once again.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      dn  $ 0.01     at $  2.29

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    dn  $ 0.95     at $ 68.20

Maple Leaf Foods                 dn  $ 1.37     at $ 22.66

Nutrien Ltd.                     dn  $ 1.18     at $ 74.71

RB Global Inc.                   dn  $ 0.75     at $100.26

(All figures are in Canadian dollars.)