Canadian Financial Close: Loonie gains, U.S. inflation hits 41-year high

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Published: March 10, 2022

WINNIPEG – The Canadian dollar advanced on Thursday as inflation once again rose in the United States.

The loonie closed at US$0.7827 or US$1=C$1.2776 on Thursday, up from Wednesday’s close of US$0.7800 or US$1=C$1.2821.

The U.S. Dollar Index was up 0.59 of a point to 98.56. The U.S. Labor Department announced today inflation rose to an annualized rate of 7.9 per cent, the highest level since 1981.

Volatility continued for crude oil prices on Thursday. Brent crude oil slipped US$2.01 per barrel to US$109.13. West Texas Intermediate (WTI) crude oil fell US$3.03 to US$105.67/barrel. Western Canadian Select (WCS) dropped US$3.58 to US$93.75.

The TSX/S&P Composite Index gained 88.47 points to 21,581.70.

Gold added US$12.20 per ounce to US$2,000.40.

Canada’s agricultural sector fared as follows:

Buhler Ind. unchanged at $ 2.44
Farmer’s Edge Inc. dn $ 0.03 at $ 3.13
Linamar Corp. dn $ 1.01 at $ 50.79
Maple Leaf Foods dn $ 1.37 at $ 29.53
Nutrien Ltd. up $ 8.41 at $130.16
Ritchie Bros Auctioneers Inc. dn $ 0.08 at $ 73.72

(All figures are in Canadian dollars.)

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