Canadian Financial Close: Loonie rises two-tenths
Support from stronger oil, positive StatCan report
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar closed higher Friday, fueled by upticks in global crude oil prices and a positive economic report from Statistics Canada.
The loonie closed at US$0.7380 or US$1=C$1.3550, compared to Wednesday’s finish of US$0.7360 or US$1=C$1.3587. On the United States Dollar Index, the greenback gained 0.231 points at 104.295.
Benchmark crude oil prices were higher on Thursday, as market concerns increased over OPEC+ production cuts. Brent crude oil climbed US$1.39 at US$87.48 per barrel and West Texas Intermediate rose US$1.66 at US$83.01.
StatCan reported the country’s economy grew 0.6 per cent in January and early projections called for 0.4 per cent growth in February.
The TSX Composite Index added 59.95 points on Thursday, closing at 22,167.03.
Gold jumped US$28.90 at US$2,241.60 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.16 at $ 2.30 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.20 at $ 72.00 Maple Leaf Foods dn $ 0.64 at $ 22.21 Nutrien Ltd. up $ 0.81 at $ 73.59 RB Global Inc. dn $ 0.94 at $103.17
(All figures are in Canadian dollars)
