By MarketsFarm
WINNIPEG, Aug. 29 (MarketsFarm) – The Canadian dollar was slightly firmer on Thursday, with gains in crude oil behind some of the strength.
The Canadian dollar closed at US$0.7521 or US$1=C$1.3296, which compares with Wednesday’s close of US$0.7518, or US$1=C$1.3301.
Crude oil prices were supported by smaller than expected U.S. inventories, with West Texas Intermediate up by about 80 cents per barrel on the day to trade at around US$56.60.
Canadian domestic economic data was also supportive for the currency. Statistics Canada reported that the country’s current account deficit narrowed to C$6.38 billion in the second quarter from a revised reading of C$16.63 billion in the first quarter. Pre-report expectations had been for a more modest reduction in the deficit.
The TSX Composite Index was higher, gaining 112.84 points, or 0.69 per cent, to close at 16,384.49 points.
Canada’s agricultural sector performed as follows:
Buhler Industries—————- $ 0.00 at $ 2.64
Linamar Corp.——————–up $ 0.92 at $ 40.08
Maple Leaf Foods—————–up $ 0.14 at $ 31.55
Nutrien Ltd.———————up $ 0.75 at $ 66.28
Ritchie Bros Auctioneers Inc.—-up $ 0.39 at $ 52.64
Rocky Mountain Dealerships Inc.–up $ 0.06 at $ 6.57
(All figures are in Canadian dollars.)
