WINNIPEG – The Canadian dollar continued to rise on Thursday due to increasing oil prices and a weakening United States dollar.
The loonie closed at US$0.7938 or US$1=C$1.2597, up from US$0.7912 or US$1=C$1.2639 on Wednesday. The U.S. Dollar Index eased off 0.73 of a point to 101.73 on Thursday.
Crude oil prices made gains on Thursday due to a tightening U.S. gasoline stockpile and doubts over OPEC+’s plan to boost production by 648,000 barrels per day in July and August. Brent crude oil advanced US$2.00 per barrel at US$118.29. West Texas Intermediate (WTI) crude oil jumped US$2.25 at US$117.46/barrel. Western Canadian Select (WCS) was up US$0.39 to US$98.13.
The TSX/S&P Composite Index skyrocketed 318.09 points at 21,031.81.
Gold climbed US$25.30 at US$1,874.00 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. up $ 0.02 at $ 2.37
Farmer’s Edge Inc. dn $ 0.01 at $ 2.50
Linamar Corp. up $ 1.13 at $ 56.94
Maple Leaf Foods up $ 0.18 at $ 27.80
Nutrien Ltd. up $ 1.01 at $120.60
Ritchie Bros Auctioneers Inc. up $ 1.27 at $ 77.42
(All figures are in Canadian dollars.)
