Canadian Financial Close: Loonie holds firm
StatCan report holds off pressure
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was relatively steady on Thursday, despite a higher United States dollar and decreases in crude oil.
The Canadian dollar closed at US$0.7369 or US$1=C$1.3570, compared to Wednesday’s finish of US$0.7367 or US$1=C$1.3574. On the U.S. Dollar Index, the greenback tacked on 0.166 of a point at 104.070.
Benchmark crude oil prices dipped on Thursday, as the market remained focused the battle between pressure from larger U.S. stockpiles and support from OPEC+ production cuts with the former edging out today.
Brent crude oil dipped six cents at US$83.62 per barrel and West Texas Intermediate shed 29 cents at US$78.25.
Statistics Canada reported the country’s fourth quarter gross domestic product rose to an annualized one per cent. Analysts said that’s more impetus for the Bank of Canada to lower its key interest rate.
The TSX Composite Index gained 119.84 points on Thursday, closing at 21,363.61.
Gold climbed US$9.20 at US$2,051.90 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.17 Farmers Edge Inc. up $ 0.01 at $ 0.35 Linamar Corp. dn $ 0.54 at $ 66.42 Maple Leaf Foods up $ 0.26 at $ 23.09 Nutrien Ltd. dn $ 0.83 at $ 70.84 RB Global Inc. dn $ 1.05 at $102.39
(All figures are in Canadian dollars)
