Canadian Financial Close: Sharp gains in U.S. dollar weigh on loonie
High crude oil caps loonie's decline
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar stepped back on Thursday in the face of a stronger United States dollar. Increases in crude oil stemmed the loonie’s decline.
The Canadian dollar closed Thursday at US$0.7228 or US$1=C$1.3836, compared to Wednesday’s finish of US$0.7240 or US$1=C$1.3812. On the U.S. Dollar Index, the greenback advanced 0.685 of a point at 99.955.
Benchmark crude oil prices were higher on Thursday after U.S. President Donald trump threatened more sanctions on Iran. The increases were limited by a weakening U.S. economy and OPEC+ set to boost its output later this month.
Brent crude gained 80 cents at US$61.86 per barrel and West Texas Intermediate also rose 80 cents at US$59.01.
The TSX Composite Index shed 46.13 points on Thursday, closing at 24,795.55.
Gold dropped US$74.20 at US$3,244.90.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 7.29 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 0.60 at $ 51.19 Maple Leaf Foods dn $ 0.36 at $ 24.87 Nutrien Ltd. dn $ 0.10 at $ 78.60 RB Global Inc. dn $ 0.50 at $138.43
(All figures are in Canadian dollars)
