Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Oct. 7 (MarketsFarm) – The Canadian dollar was relatively steady on Friday ahead of the Thanksgiving long weekend. Pressure from additional strength in the United States dollar was effectively countered by support from rising crude oil prices.
The loonie closed at US$0.7293 or US$1=C$1.3712, compared to Thursday’s close of US$0.7289 or US$1=C$1.3719. On the U.S. Dollar Index, the greenback pushed higher by 0.482 of a point at 112.665.
Benchmark crude oil prices were stronger on Friday, as the market remained focused on the two million barrels per day production cut OPEC+ will impose next month.
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Brent crude oil advanced US$3.63 at US$98.05 per barrel. West Texas Intermediate (WTI) crude oil jumped US$4.33 at US$92.78/barrel. Western Canadian Select (WCS) gained US$3.19 at US$67.70 per barrel.
The TSX Composite Index dropped 395.88 points to finish Friday at 18,583.13.
Meanwhile, gold lost US$18.40 at US$1,702.40 per ounce.
The markets in Canada will be closed on Monday for Thanksgiving.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.01 at $ 2.02
Farmers Edge Inc. unchanged at $ 0.52
Linamar Corp. dn $ 1.39 at $ 56.36
Maple Leaf Foods dn $ 0.46 at $ 20.39
Nutrien Ltd. dn $ 2.49 at $115.09
Ritchie Bros Auctioneers Inc. dn $ 1.71 at $ 83.06
(All figures are in Canadian dollars.)
