WINNIPEG – The Canadian dollar dropped below the 80 United States cent mark on Friday with crude oil pulling back again to incur its biggest weekly loss in years.
The loonie closed at US$0.7992 or US$1=C$1.2512, down from Thursday’s close of US$0.8003 or US$1=C$1.2496.
The U.S. Dollar Index was up 0.24 of a point at 98.55. The U.S. Labor Department reported that 430,000 jobs were added in March, slightly below expectations.
Crude oil prices took a step back on Friday after U.S. President Joe Biden announced on Thursday the country will release one million barrels of oil per day from its reserves for six months in order to lower prices. Brent crude oil slipped US$0.29 per barrel to US$104.42. West Texas Intermediate (WTI) crude oil declined US$0.87 to US$99.41/barrel. Western Canadian Select (WCS) lost US$1.44 to US$88.06.
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The TSX/S&P Composite Index added 62.79 points to 21,952.95.
Gold fell US$26.40 per ounce to US$1,927.60.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.64
Farmer’s Edge Inc. dn $ 0.08 at $ 3.18
Linamar Corp. dn $ 1.87 at $ 53.70
Maple Leaf Foods up $ 0.22 at $ 30.22
Nutrien Ltd. up $ 0.58 at $129.80
Ritchie Bros Auctioneers Inc. up $ 0.28 at $ 74.12
(All figures are in Canadian dollars.)
