Canadian Financial Close: Loonie inches a little higher
StatCan says unemployment dips
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar edged up on Friday supported by increases in crude oil while a slightly stronger United States dollar weighed on values.
The Canadian dollar closed at US$0.7431 or US$1=C$1.3458, compared to Thursday’s finish of US$0.7426 or US$1=C$1.3467. On the U.S. Dollar Index, the greenback slipped 0.102 of a point at 103.935.
Benchmark crude oil prices bumped up on Friday, underpinned by rising tensions throughout the Middle East. However, further increases were capped by larger U.S. stockpiles and the U.S. Federal Reserve’s hawkish sentiment toward an interest rate cut in the coming weeks.
Brent crude oil tacked on 30 cents at US$81.93 per barrel, and West Texas Intermediate gained 32 cents at US$76.54.
Statistics Canada reported the country’s unemployment rate slipped to 5.7 per cent in January from 5.8 per cent in December. That could lead the Bank of Canada to hold off cutting its interest rate until mid-2024.
The TSX Composite Index added 89.96 points on Friday to close at 21,009.60.
Gold lost US$7.60 at US$2,040.30 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.03 at $ 2.19 Farmers Edge Inc. unchanged at $ 0.34 Linamar Corp. dn $ 1.36 at $ 65.33 Maple Leaf Foods up $ 0.05 at $ 25.96 Nutrien Ltd. up $ 0.08 at $ 66.08 RB Global Inc. up $ 0.98 at $ 91.48
(All figures are in Canadian dollars)
