Canadian Financial Close: Powell’s comments generates more strength for loonie
Greenback falls hard and crude rises
Canadian Financial Close: Powell’s comments generates more strength for loonie
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was stronger on Friday due to a sharp loss in the United States dollar and increases in crude oil.
The loonie closed at US$0.7392 or US$1=C$1.3529, compared to Thursday’s finish of US$0.7352 or US$1=C$1.3602.
On the U.S. Dollar Index, the greenback dropped 0.839 of a point at 100.560 after Federal Reserve Chair Jerome Powell indicated the central bank would very likely cut its key interest rates next month.
Benchmark crude oil prices were higher on Friday, also because of Powell’s comments.
Brent crude oil added US$1.83 at US$79.05 per barrel and West Texas Intermediate rose US$1.90 at US$74.91.
The TSX Composite Index advanced 248.61 points on Friday to close at 23,286.08.
Gold jumped US$30.00 at US$2,546.70 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.45 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 1.01 at $ 63.27 Maple Leaf Foods up $ 0.38 at $ 23.08 Nutrien Ltd. up $ 0.97 at $ 65.19 RB Global Inc. up $ 0.69 at $115.84
(All figures are in Canadian dollars)
