Canadian Financial Close: Loonie falls hard
Greenback, unemployment drive dollar lower
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar lost about a half cent on Wednesday, as a stronger United States dollar earlier in the day drove down the loonie, coupled with higher unemployment.
The loonie closed at US$0.7354 or US$1=C$1.3598, compared to Thursday’s finish of US$0.7405 or US$1=C$1.3504. On the United States Dollar Index, the greenback rose 0.184 of a point at 104.075, but retreated well away from its highs.
Statistics Canada reported the country lost 2,200 jobs in March which pushed up the unemployment rate to 6.1 per cent. Analysts predicted this could lead the Bank of Canada making a cut to its key interest rate by June rather than later in 2024.
Benchmark crude oil prices were slightly higher on Friday, pulling back from larger increases as the possibility of greater supplies eroded much the gains fueled by a myriad of geopolitical tensions.
Brent crude oil bumped up 25 cents at US$90.90 per barrel and West Texas Intermediate tacked on 11 cents at US$86.70.
The TSX Composite Index advanced 212.59 points on Friday, closing at 22,264.38.
Gold jumped US$33.00 at US$2,341.50 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.16 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.54 at $ 69.56 Maple Leaf Foods up $ 0.55 at $ 23.75 Nutrien Ltd. up $ 0.94 at $ 77.11 RB Global Inc. dn $ 1.10 at $101.50
(All figures are in Canadian dollars)
