WINNIPEG, June 20 (MarketsFarm) – The Canadian dollar was stronger at Thursdays close, riding the coattails of a large jump in crude oil prices, following Iran shooting down a United States drone over the Strait of Hormuz.
The Canadian dollar closed at US$0.7581 or US$1=C$1.3191, up from Wednesday’s close of US$0.7527 or US$1=C$1.3289.
Though Iran and the U.S. disagree if the drone was over Iranian territory, the U.S. viewed the incident as an act of aggression, further ratcheting up tensions in the Middle East.
The S&P 500 closed at a record high, buoyed by Wall Street’s anticipation that the U.S Federal Reserve will cut interest rates next month in order to keep the U.S./China trade war from stalling economic growth.
The TSX Composite Index gained 63.04 points to close at 16,574.83. The NASDAQ was up 64.02 at 8,051.34 points. Similarly, the Dow Jones jumped 249.17 points to close at 26,753.17.
West Texas Intermediate was up US$3.12 to end the day at US$56.88 per barrel, and Brent Crude oil gained US$2.76 cents to hit US$64.58 per barrel.
Canada’s agricultural sector fared as follows:
Buhler Industries————–dn $ 0.03 at $ 3.62
Linamar Corp ——————up $ 0.25 at $ 47.40
Maple Leaf Foods—————up $ 0.02 at $ 30.54
Nutrien Ltd. ——————up $ 0.24 at $ 72.25
Ritchie Bros Auctioneers Inc.—-dn $ 0.78 at $ 48.35
Rocky Mountain Dealership Inc.-dn $ 0.02 at $ 8.18
(All figures are in Canadian dollars.)