Canadian Financial Close: Loonie settles a little above 73 U.S. cents
Fears of global recession weigh on values
Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Dec. 16 (MarketsFarm) – The Canadian dollar pulled back further on Friday, adding to the previous day’s losses. A slightly stronger United States dollar and weakness in global crude oil prices weighed on values.
The loonie closed at US$0.7306 or US$1=C$1.3687, compared to Thursday’s close of US$0.7331 or US$1=C$1.3640. On the U.S. Dollar Index, the greenback was up 0.237 of a point at 104.440.
Benchmark crude oil prices were lower on Friday over fears of an impending global recession, which outweighed the Biden administration’s plan to replenish the U.S. strategic oil reserve.
Brent crude oil fell US$2.13 at US$79.08 per barrel. West Texas Intermediate (WTI) crude oil fell US$1.81 at US$74.30/barrel. Western Canadian Select (WCS) lost US$1.43 at US$46.31/barrel.
The TSX Composite Index closed Friday with a loss of 157.35 points at 19,443.18.
Gold rebounded somewhat from steep losses this week with a gain of US$15.10 at US$1,802.90 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 1.80 Farmers Edge Inc. dn $ 0.005 at $ 0.295 Linamar Corp. dn $ 1.30 at $ 62.94 Maple Leaf Foods dn $ 0.19 at $ 23.42 Nutrien Ltd. dn $ 1.29 at $100.85 Ritchie Bros Auctioneers Inc. dn $ 0.07 at $ 75.47
(All figures are in Canadian dollars.)
