Canadian Financial Close: Loonie drops, TSX tumbles

WINNIPEG – The Canadian dollar closed below 75 United States cents for the first time since June 12 on Thursday.

The loonie closed at US$0.7492 or US$1=C$1.3348 on Thursday, compared to US$0.7534 or US$1=C$1.3273 on Wednesday. Statistics Canada (StatCan) reported earlier today that the country posted a C$3.4 billion trade deficit in May, the largest since October 2020, compared to a revised surplus of C$894 million in April.

The U.S. Dollar Index dropped 0.23 of a point at 103.15.

Crude oil was mixed on Thursday despite another draw from U.S. stockpiles. Brent crude oil declined US$0.11/barrel at US$76.54. West Texas Intermediate (WTI) added US$0.06 at US$71.85/barrel.

The TSX/S&P Composite Index tumbled 293.20 points at 19,810.69 due to fears over a potential interest rate hike in the U.S.

Gold lost US$10.90 at US$1,916.20 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      up  $ 0.05     at $  2.10

Farmer’s Edge Inc.               dn  $ 0.005    at $  0.18

Linamar Corp.                    dn  $ 0.16     at $ 68.72

Maple Leaf Foods                 dn  $ 0.67     at $ 25.58

Nutrien Ltd.                     dn  $ 0.71     at $ 78.72

Ritchie Bros Auctioneers Inc.    dn  $ 1.12     at $ 78.22

(All figures are in Canadian dollars.)