Canadian Financial Close: Loonie steady, oil rallies end

WINNIPEG – The Canadian dollar was steady on Thursday as the crude oil markets finally broke from rallies brought on by Russia’s invasion of Ukraine.

The loonie was at US$0.7896 or US$1=C$1.2664 on Thursday, up from Wednesday’s close of US$0.7894 or US$1=C$1.2668. The U.S. Dollar Index was up 0.35 of a point to 97.74.

After a week of high-rising crude oil prices, they were down on Thursday after indications a new nuclear deal between Iran and the U.S., which would add Iranian oil to the markets, was close to fruition. Brent crude oil declined US$2.40 per barrel to US$110.53. West Texas Intermediate (WTI) crude oil fell US$2.57 to US$108.03/barrel. Western Canadian Select (WCS) plunged US$3.88 to US$96.30.

The TSX/S&P Composite Index shed 5.23 points to 21,250.41.

Gold rose US$17 per ounce to US$1,939.30.

Canada’s agricultural sector fared as follows:

Buhler Ind. dn $ 0.06 at $ 2.52
Farmer’s Edge Inc. dn $ 0.29 at $ 3.26
Linamar Corp. dn $ 1.89 at $ 61.94
Maple Leaf Foods up $ 0.29 at $ 27.47
Nutrien Ltd. up $ 2.62 at $113.73
Ritchie Bros Auctioneers Inc. up $ 0.49 at $ 71.54

(All figures are in Canadian dollars.)