Canadian Financial Close: Loonie edges upward
Tariff threat keeping crude rangebound
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar nudged up a tenth of a cent on Thursday due to gains in crude oil.
The loonie closed on Thursday at US$0.6938 or US$1=C$1.4414, compared to Wednesday’s finish of US$0.6928 or US$1=C$1.4435. On the U.S. Dollar Index, the greenback tacked on 0.031 of a point at 107.840.
Benchmark crude oil prices were slightly higher on Thursday as the market moves prior to the Trump administration imposing tariffs on Canada and Mexico come Saturday.
Brent crude oil gained 48 cents at US$77.06 per barrel and West Texas Intermediate rose 47 cents at US$73.09.
The TSX Composite Index advanced 334.95 points to close Thursday at 25,808.25.
Gold jumped US$54.90 at US$2,848.40 per ounce.
The European Central Bank cut its key rate on Thursday by 25 basis points at 2.75 per cent.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.44 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 0.25 at $ 58.93 Maple Leaf Foods up $ 0.11 at $ 21.67 Nutrien Ltd. dn $ 0.87 at $ 75.75 RB Global Inc. up $ 1.43 at $131.76
(All figures are in Canadian dollars)
