Canadian Financial Close: Loonie gives up almost two-tenths

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, April 21 (MarketsFarm) – The Canadian dollar stepped back on Thursday, as pressure from a stronger United States dollar outweighed support from crude oil prices.

The loonie closed at US$0.7981 or US$1=C$1.2529, compared to Wednesday’s close of US$0.7999 or US$1=C$1.2502.

On the United States Dollar Index, the greenback rose 0.188 of a point at 100.605. This followed comments made by U.S. Federal Reserve Chair Jerome Powell, who stated a half-point hike in interest rates is very likely next month.

Benchmark crude oil prices were higher on Thursday, due to a series of supply concerns, but those increases were tempered by lower demand from China.

Brent crude oil increased US$1.90 at US$108.70 per barrel. West Texas Intermediate (WTI) crude oil gained US$1.97 at US$104.16 per barrel. Western Canadian Select (WCS) was up US$1.42 at US$91.57 per barrel.

The TSX Composite Index tumbled on Thursday, losing 347.97 points to finish at 21,650.41. It marked the TSX’s largest one-day loss in three months.

Gold was down US$2.40 at US$1,953.20 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.67
Farmers Edge Inc. up $ 0.11 at $ 2.95
Linamar Corp. dn $ 0.62 at $ 50.91
Maple Leaf Foods dn $ 0.27 at $ 28.08
Nutrien Ltd. dn $ 5.59 at $135.78
Ritchie Bros Auctioneers Inc. dn $ 0.33 at $ 71.27
(All figures are in Canadian dollars.)