WINNIPEG, Dec. 5 (MarketsFarm) – The Canadian dollar was stronger at market close on Thursday, due to an improvement in the country’s trade balance and an increase in the price of Western Canadian Select (WCS) crude oil.
The loonie finished the day at US$0.7591 or US$1=C$1.3174, which compares with Wednesday’s close of US$0.7563 or C$1.3223.
Statistics Canada reported Canada’s overall trade deficit in October eased to C$1.1 billion, down slightly from September’s revised figure of C$1.2 billion. Canada’s trade surplus with the United States hit C$5.5 billion, for the largest surplus in 11 years.
Benchmark oil prices were steady to higher on Thursday, as further production cuts planned by OPEC and its allies provided support. However, crude’s gains were curtailed after a proposal to exclude Russia’s condensates from the cuts was announced.
Brent crude oil was up 41 cents to close at US$63.41 per barrel, while West Texas Intermediate (WTI) gained two cents at US$58.45 per barrel. Meanwhile, WCS fared better with a rise of 93 cents to close at US$38.47 per barrel.
The TSX/S&P Composite Index finished lower Thursday as two major Canadian banks, CIBC and TD posted declines of six and four per cent in their profits for 2019. The TSX lost 42.42 to close at 16,854.92 points.
Gold was up US$1.00 on Thursday, closing at US$1,481.20 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.60
Linamar Corp. dn $ 0.45 at $ 44.05
Maple Leaf Foods up $ 0.14 at $ 24.35
Nutrien Ltd. dn $ 0.61 at $ 60.97
Ritchie Bros Auctioneers Inc. up $ 0.23 at $ 57.89
Rocky Mountain Dealerships Inc. dn $ 0.04 at $ 6.47
(All figures are in Canadian dollars.)