Canadian Financial Close: Canadian dollar gains on Friday

By MarketsFarm

WINNIPEG, Oct. 17 (MarketsFarm) – The Canadian dollar was slightly stronger on Friday, boosted by a comparatively weaker United States dollar.

The dollar finished the day at US$0.7615 or US$1=C$1.3132, compared to Thursday when it closed at US$0.7609 or US$1=C$1.3143.

United States equities finished the week lower after a weekend of strong performances, pulling the greenback down. “Markets are more forward looking, meaning that what happened in earnings season in the previous quarter has a temporary impact in the markets, but what is more important to know is the big trends,” said Juha Seppala, director of macro asset-allocation strategy for UBS Asset Management, said to Bloomberg.

The TSX Composite Index closed lower by 49.18 points at 16,377.12. The S&P 500 lost 11.75 to close at 2,986.20. Similarly, the Dow Jones decreased by 255.68 points to finish at 27,770.20. The NASDAQ was down 67.31 to finish at 8,089.54.

Benchmark oil prices were lower due to prolonged concerns of a global economic slowdown lowering consumption. Brent crude oil was down by 66 cents to close at US$59.25 per barrel. West Texas Intermediate (WTI) crude oil was down by 24 cents to close at US$53.69 per barrel.

Canada’s agricultural sector fared as follows:

Buhler Industries unch at $ 3.60
Linamar Corp. up $ 0.06 at $ 42.71
Maple Leaf Foods dn $ 0.11 at $ 30.06
Nutrien Ltd. dn $ 0.26 at $ 64.27
Ritchie Bros Auctioneers Inc. up $ 0.13 at $ 52.34
Rocky Mountain Dealerships Inc. unch at $ 6.90

(All figures are in Canadian dollars.)

END

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