Canadian Financial Close: Loonie losing ground to rising U.S. dollar
Surge in crude oil cannot stem declines
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar lost more than a quarter of a cent on Thursday, as its United States counterpart continued to rally while sharp increases in crude oil could only temper the loonie’s decline.
The Canadian dollar closed at US$0.7386 or US$1=C$1.3540, compared to Wednesday’s finish of US$0.7412 or US$1=C$1.3491. On the U.S. Dollar Index, the greenback gained 0.305 of a point at 101.730.
Benchmark crude oil prices were stronger on Thursday due to growing concerns of a wider conflict in the Middle East as Israel pressed further ahead with its invasion of Lebanon.
Brent crude oil jumped US$3.97 at US$77.87 per barrel and West Texas Intermediate advanced US$3.89 at US$73.99.
The TSX Composite Index shed 33.05 points on Thursday to close at 22,968.50.
Gold added US$8.10 at US$2,677.80 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.40 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 0.83 at $ 64.61 Maple Leaf Foods dn $ 0.15 at $ 22.06 Nutrien Ltd. up $ 0.46 at $ 67.72 RB Global Inc. up $ 0.55 at $108.54
(All figures are in Canadian dollars)
