Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Aug. 27 (MarketsFarm) – The Canadian dollar nudged a little higher on Friday, buoyed by a drop in the United States dollar and a spike in crude oil prices.
The loonie closed at US$0.7915 or US$1=C$1.2635, compared to Thursday’s close of US$0.7905 or US$1=C$1.2605.
On the U.S. Dollar Index, the greenback dropped 0.393 at 92.685 points following comments made by U.S. Federal Reserve Chair Jerome Powell during the virtual Jackson Hole conference. Powell said he wasn’t in a hurry to raise interest rates.
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Benchmark crude oil prices were stronger on Friday, after the U.S. Bureau of Safety and Environmental Enforcement confirmed that 59 per cent of U.S. oil production in the Gulf of Mexico has been shut down ahead of Hurricane Ida.
Brent crude oil gained US$1.54 at US$72.61 per barrel. West Texas Intermediate (WTI) crude oil increased US$1.28 at US$68.70 per barrel. Western Canadian Select (WCS) rose US$1.41 at US$56.37 per barrel.
The TSX Composite Index closed higher on Friday by 134.75 points at 20,638.90.
Gold jumped US$25.80 at US$1,821.00 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.20 at $ 3.47
Farmers Edge Inc. dn $ 0.03 at $ 6.01
Linamar Corp. up $ 0.60 at $ 70.88
Maple Leaf Foods up $ 0.01 at $ 27.30
Nutrien Ltd. up $ 1.07 at $ 77.31
Ritchie Bros Auctioneers Inc. up $ 0.10 at $ 78.98
(All figures are in Canadian dollars.)
