WINNIPEG – The Canadian dollar reached another level on Thursday, lifted by increased confidence from the Bank of Canada for a strong economic recovery.
The loonie was at US$0.8135 or US$1=C$1.2292 on Thursday, its highest close in three years, up from Wednesday’s close at US$0.8093 or US$1=C$1.2357. Meanwhile, the United States Dollar Index stayed steady at 90.61 points.
Benchmark crude oil prices jumped on Thursday after the U.S. Commerce Department estimated a 6.4 per cent increase in GDP over the first quarter, but were tempered by demand concerns due to the COVID-19 crisis in India. Brent crude oil gained US$1.05 per barrel to US$68.52. West Texas Intermediate (WTI) crude oil jumped by US$1.08 to US$64.94/barrel. Western Canadian Select (WCS) crude oil advanced by US$1.65 to US$53.32/barrel.
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Despite the recent economic data from the U.S. and the Canadian House of Commons passing back-to-work legislation for striking workers at the Port of Montreal last night, the TSX Composite Index dropped by 101.04 points to 19,255.92.
Gold fell by US$8.89 per ounce to US$1,772.78.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.08 at $ 3.72
Farmer’s Edge Inc. up $ 0.15 at $ 18.00
Linamar Corp. dn $ 2.58 at $ 73.37
Maple Leaf Foods up $ 0.25 at $ 28.17
Nutrien Ltd. dn $ 0.48 at $ 68.91
Ritchie Bros Auctioneers Inc. up $ 0.83 at $ 79.41
(All figures are in Canadian dollars.)
