Compiled by MarketsFarm
WINNIPEG, June 1 (MarketsFarm) – The Canadian dollar was on the rebound Thursday, pushing well above 74 United States cents due to a sharp drop in its U.S. dollar and higher crude oil prices.
The loonie closed at US$0.7417 or US$1=C$1.3482, compared to Wednesday’s finish of US$0.7351 or US$1=C$1.3603. On the U.S. Dollar Index, the greenback dropped 0.740 of a point at 103.505.
Benchmark crude oil prices were higher on Thursday due to the U.S. government debt ceiling crisis being resolved and on fresh reports of increased manufacturing in China. Questions as to whether OPEC+ will cut their production or not will be decided at the alliance’s next meeting on June 4.
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Brent crude oil added US$1.64 at US$74.24 per barrel and West Texas Intermediate (WTI) gained US$1.98 at US$70.07/barrel.
The TSX Composite Index advanced 100.01 points on Thursday at 19,562.25.
Gold jumped US$13.20 at US$1,995.30 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.22 Farmers Edge Inc. dn $ 0.005 at $ 0.180 Linamar Corp. up $ 1.49 at $ 61.59 Maple Leaf Foods up $ 0.40 at $ 25.38 Nutrien Ltd. up $ 0.37 at $ 71.89 Ritchie Bros Auctioneers Inc. up $ 0.16 at $ 71.07
(All figures are in Canadian dollars.)
