Canadian Financial Close: Loonie on the rise going into weekend

Glacier FarmMedia MarketsFarm – The Canadian dollar ended the week showing some strength.

The loonie closed at US$0.7333 or US$1=C$1.3637, compared to US$0.7311 or US$1=C$1.3678 on Wednesday. Statistics Canada reported earlier in the day the country’s economy grew by 1.7 per cent in the first quarter of 2024. The Bank of Canada is expected to cut its key interest rate at its next meeting on June 5.

The United States Dollar Index was down 0.05 of a point at 104.67.

Crude oil prices declined on Friday ahead of an OPEC+ meeting discussing supply cuts on Sunday. Brent crude oil was down by US$0.24 at US$81.62 per barrel. West Texas Intermediate (WTI) dropped US$0.68 at US$77.23/barrel.

The TSX/S&P Composite Index had another day of big gains, rising 197.41 points at 22,269.12.

Gold fell US$17.20 at US$2,349.30 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  2.15

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    up  $ 1.45     at $ 71.01

Maple Leaf Foods                 dn  $ 0.15     at $ 22.60

Nutrien Ltd.                     up  $ 1.46     at $ 79.87

RB Global Inc.                   dn  $ 1.52     at $ 99.06

(All figures are in Canadian dollars.)