Canadian Financial Close: Loonie retreats, crude oil jumps

Glacier FarmMedia | MarketsFarm – The Canadian dollar took a step back after the release of economic news from Statistics Canada.

The loonie ended Thursday at US$0.7337 or US$1=C$1.3630, compared to US$0.7348 or US$1=C$1.3609 on Wednesday. StatCan reported this morning that retail sales in Canada shrank by 1.1 per cent in May with losses led by motor vehicle and auto parts dealers. However, StatCan’s preliminary estimate for June called for a 1.6 per cent increase.

The United States Dollar Index was up 0.22 of a point at 97.43 as trade optimism continued.

Crude oil prices were stronger on news Russia is planning to cut gasoline exports to all but a few select allies. However, Reuters also reported the Trump administration may allow Chevron to resume operations in Venezuela.

West Texas Intermediate gained US$0.88 per barrel at US$68.13. Brent crude oil advanced US$0.76/barrel at US$69.27.

The TSX/S&P Composite Index eased back from its all-time high set on Wednesday, dropping 44.15 points from yesterday’s close at 27,372.26.

Gold fell US$24.50 per ounce at $3,373.10.