Canadian Financial Close: Stronger greenback pushes loonie lower
Canadian unemployment dips in December
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar stepped back on Friday due to pressure from a rising United States dollar, but declines were tempered by sharp upticks in crude oil. As well, Statistics Canada reported a slight dip in unemployment at 6.7 per cent in December.
The loonie closed on Friday at US$0.6934 or US$1=C$1.4422, compared to Thursday’s finish of US$0.6947 or US$1=C$1.495. On the U.S. Dollar Index, the greenback climbed 0.456 of a point at 109.460, hitting a two-year high.
Benchmark crude oil prices were stronger on Friday as the Biden administration stated it will slap tougher sanctions on Russian oil exports, which will reduce the global supply. Additional support came from greater demand for heating fuel in the U.S. and Europe.
Brent crude oil advanced US$2.85 at US$79.77 per barrel and West Texas Intermediate increased US$2.77 at US$76.69.
The TSX Composite Index dropped 305.63 points to close Friday at 24,767.73.
Gold gained US$27.10 at US$2,717.90 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.10 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.52 at $ 54.78 Maple Leaf Foods up $ 1.63 at $ 21.81 Nutrien Ltd. up $ 0.74 at $ 69.91 RB Global Inc. dn $ 1.09 at $128.06
(All figures are in Canadian dollars)
