Canadian Financial Close: Loonie ends week on high note

By MarketsFarm

WINNIPEG, Jan. 10 (MarketsFarm) – The Canadian dollar was stronger at market close on Friday, largely due to a positive job report from Statistics Canada.

The loonie finished the day at US$0.7662 or US$1=C$1.3051, which compares with Thursday’s close of US$0.7646 or C$1.3079.

With 35,200 jobs added in December, Statistics Canada noted there were more than 320,000 jobs created in 2019. As well, the unemployment rate decreased from 5.9 to 5.6 per cent. On the downside, wages increased 3.8 per cent in 2019, which was slower than the 4.4 per cent in 2018.

Benchmark crude oil prices were lower on Friday due to a 1.16 million barrel net increase in United States crude oil stocks and an easing of geopolitical tensions in the Middle East.

Brent crude oil was down 30 cents at US$65.07 per barrel. West Texas Intermediate (WTI) lost 39 cent at US$59.17 per barrel. Western Canadian Select (WCS) dropped US$1.79 cents to close at US$34.96 per barrel.

The TSX/S&P Composite Index was flat on Friday with a slight loss of 1.08 to close at 17,234.49 points, due to weaker oil prices.

Gold rose US$8.52 on Friday to close at US$1,560.83 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.79
Linamar Corp. dn $ 0.34 at $ 47.66
Maple Leaf Foods dn $ 0.23 at $ 25.08
Nutrien Ltd. dn $ 0.57 at $ 61.64

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