Canadian Financial Close: Loonie strengthens on weaker U.S. dollar

Glacier FarmMedia | MarketsFarm – The Canadian dollar moved slightly upward on Thursday.

The loonie ended the day at US$0.7243 or US$1=C$1.3806, compared to US$0.7233 or US$1=C$1.3826 on Wednesday.

The United States Dollar Index was down 0.60 of a point at 99.28. After being struck down by a federal court on Wednesday, an appeals court today reinstated President Donald Trump’s ability to unilaterally impose tariffs on other countries’ goods.

Crude oil prices declined after OPEC+ continued to meet today to discuss potential output hikes. West Texas Intermediate lost US$0.93 at US$60.91/barrel, while Brent crude oil fell US$0.75 at US$64.15.

The TSX/S&P Composite Index dropped 72.89 points at 26,210.56.

Gold was up US$17.80 per ounce at $3,340.20.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  7.29

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    up  $ 1.05     at $ 63.06

Maple Leaf Foods                 up  $ 0.21     at $ 27.28

Nutrien Ltd.                     dn  $ 1.23     at $ 81.17

RB Global Inc.                   dn  $ 1.55     at $143.31

(All figures are in Canadian dollars.)