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Canadian Financial Close: Loonie ends the week lower

By MarketsFarm

WINNIPEG, May 22 (MarketsFarm) – The Canadian dollar was weaker on Friday, due to relative strength in the United States dollar and losses in the crude oil sector.

The dollar finished the day at US$0.7135 or US$1=C$1.4015, compared to Thursday when it closed at US$0.7176 or US$1=C$1.3935.

Stock indices were mostly higher on Friday, with gains driven by optimism that economies will bounce back from COVID-19 lockdowns. The TSX Composite Index was up 28.79 points to close at 14,913.64. The S&P 500 gained 6.94 points to close at 2,955.45. The Dow Jones Industrial Average was down by 8.94 points at 24,465.16. The NASDAQ increased 39.71 to finish at 9,324.59.

Benchmark crude oil prices were slightly weaker, due to concerns regarding tension between China and the U.S. West Texas Intermediate (WTI) was down 54 cents to close at US$33.38. Brent Crude was down by 89 cents at US$35.17.

Canada’s agricultural sector fared as follows:

Buhler Industries                dn  $ 0.04     at $  2.60
Linamar Corp.                    dn  $ 1.52     at $ 34.91
Maple Leaf Foods                 dn  $ 0.20     at $ 25.61
Nutrien Ltd.                     up  $ 0.55     at $ 46.04
Ritchie Bros Auctioneers Inc.    dn  $ 0.03     at $ 55.91
Rocky Mountain Dealerships Inc.  up $ 0.05     at $  4.40

(All figures are in Canadian dollars.)

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