Canadian Financial Close: Loonie steps back a little more
Federal cabinet shuffle Friday morning
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar shed more than a 10th of a cent on Thursday, despite Prime Minister Justin Trudeau trying to stabilize his government’s dire political situation.
Trudeau is set to shuffle his cabinet tomorrow morning, with Dominic LeBlanc widely expected to remain his new finance portfolio. LeBlanc, not Trudeau, went as far to say that former Bank of Canada governor Mark Carney won’t join the cabinet.
Also, a stronger United States dollar and declines in crude oil weighed on the Canadian dollar.
The loonie closed Thursday at US$0.6959 or US$1=1.4380, compared to Wednesday’s finish of US$0.6972 or US$1=1.4343. On the U.S. Dollar Index, the greenback gained 0.391 points at 108.140, reaching a two-year high.
Benchmark crude oil prices stepped back on Thursday due to concerns of declining world demand coupled with an increase in global supply.
Brent crude oil gave up 83 cents at US$72.56 per barrel and West Texas Intermediate lost 67 cents at US$69.91.
The TSX Composite Index lost 143.06 points on Thursday to close at 24,413.94.
Gold dropped US$42.70 at US$2,610.60 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.95 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.58 at $ 55.99 Maple Leaf Foods dn $ 0.34 at $ 20.51 Nutrien Ltd. dn $ 1.47 at $ 63.38 RB Global Inc. dn $ 0.43 at $130.72
(All figures are in Canadian dollars)
