Canadian Financial Close: Loonie tumbles to end week

Glacier FarmMedia MarketsFarm – The Canadian dollar ended the week with a sharp drop after the release of economic data from Statistics Canada (StatCan).

The loonie closed at US$0.7357 or US$1=C$1.3593, compared to US$0.7394 or US$1=C$1.3525 on Thursday. StatCan reported this morning that retail sales dipped 0.3 per cent in January at C$67 billion. However, core retail sales, excluding gas stations, fuel vendors and motor vehicle and parts makers, were up 0.4 per cent.

The United States Dollar Index jumped 0.99 of a point at 104.42, near its highest level in more than a month.

Crude oil prices were slightly lower on Friday. Brent crude oil was down US$0.15 at US$85.63 per barrel. West Texas Intermediate (WTI) dropped US$0.21 at US$80.86/barrel.

The TSX/S&P Composite Index lost 103.18 points at 21,984.08.

Gold fell US$17.20 at US$2,167.50 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      up  $ 0.06     at $  2.14

Farmer’s Edge Inc.               dn  $ 0.005    at $  0.345

Linamar Corp.                    dn  $ 0.45     at $ 71.69

Maple Leaf Foods                 dn  $ 0.09     at $ 23.27

Nutrien Ltd.                     dn  $ 1.49     at $ 71.09

RB Global Inc.                   up  $ 0.34     at $104.70

(All figures are in Canadian dollars.)