Canadian Financial Close: Loonie weakens, crude oil jumps

Glacier FarmMedia | MarketsFarm – The Canadian dollar showed some weakness on Thursday as strength in its United States counterpart exceeded the support from gains in crude oil.

The loonie ended the day at US$0.6970 or US$1=C$1.4347, compared to US$0.6980 or US$1=C$1.4326 on Wednesday.

The United States Dollar Index improved 0.42 of a point at 103.85. The U.S. Federal Reserve announced on Wednesday that while it was leaving its key interest rates unchanged, it will consider rate cuts later this year.

Crude oil prices jumped after the Trump administration issued new sanctions against Iran while OPEC+ released a new schedule for seven nations to cut output. Brent crude oil gained US$1.38 at US$72.16 per barrel. West Texas Intermediate rose US$1.10 at US$68.26/barrel.

The TSX/S&P Composite Index was relatively steady, adding 8.97 points at 25,060.24.

Gold reached another all-time high at US$3,065.20 per ounce, up $24.00 from Wednesday.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  7.26

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    up  $ 0.24     at $ 51.48

Maple Leaf Foods                 dn  $ 0.05     at $ 24.99

Nutrien Ltd.                     up  $ 0.07     at $ 75.08

RB Global Inc.                   dn  $ 0.56     at $141.50

(All figures are in Canadian dollars.)