Canadian Financial Close: Loonie steady as U.S. dollar strengthens

WINNIPEG – The Canadian dollar stayed steady on Thursday despite a stronger United States greenback.

The loonie closed at US$0.7544 or US$1=C$1.3255, compared to US$0.7545 or US$1=C$1.3254 on Wednesday. The U.S. Dollar Index jumped 0.42 of a point at 103.33.

Crude oil made its way upwards on Thursday after a decline in U.S. stockpiles. However, U.S. Federal Reserve chair Jerome Powell indicated that two more interest rates hikes would be needed later this year to bring inflation down to two per cent. Brent crude oil added US$0.25/barrel at US$74.28. West Texas Intermediate (WTI) gained US$0.21 at US$69.77/barrel.

The TSX/S&P Composite Index was 180.07 points lower at 19,754.14.

Gold fell US$6.30 at US$1,915.90 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  2.05

Farmer’s Edge Inc.               dn  $ 0.01     at $  0.185

Linamar Corp.                    dn  $ 0.13     at $ 68.82

Maple Leaf Foods                 up  $ 0.32     at $ 25.72

Nutrien Ltd.                     dn  $ 0.45     at $ 78.09

Ritchie Bros Auctioneers Inc.    up  $ 0.86     at $ 78.48

(All figures are in Canadian dollars.)