Canadian Financial Close: Loonie’s rise blocked by greenback
Higher crude prices not enough
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar’s rise stalled on Thursday, as its United States counterpart regained some of the ground it has recently given up.
The loonie closed at US$0.7352 or US$1=C$1.3602, compared to Wednesday’s finish of US$0.7357 or US$1=C$1.3592. On the U.S. Dollar Index, the greenback advanced 0.495 of a point at 101.405.
Benchmark crude oil prices were higher on Thursday, overcoming concerns about an economic slowdown in the U.S. as heightened Middle East tensions loomed over the market.
Brent crude oil added US$1.05 at US$77.10 per barrel and West Texas Intermediate gained US$1.00 at US$72.93.
Lockouts at Canada’s two largest railways started on Thursday, something that could hit the country’s economy quite hard. However, negotiations between the railways and the union resumed today amid widespread calls for the labour dispute to be resolved quickly.
The TSX Composite Index gave up 84.26 points on Thursday to close at 23,037.47.
Gold fell US$28.30 at US$2,519.20 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.05 at $ 2.45 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.59 at $ 62.26 Maple Leaf Foods dn $ 0.16 at $ 22.70 Nutrien Ltd. dn $ 0.74 at $ 64.22 RB Global Inc. up $ 0.82 at $115.15
(All figures are in Canadian dollars)
