WINNIPEG – The Canadian dollar was higher on Friday on the strength of good economic news from Statistics Canada, while the stock markets shut the door on one of the worst months since the start of the COVID-19 pandemic.
The loonie closed at US$0.7817 or US$1=C$1.2792, up from US$0.7795 or US$1=C$1.2828 on Thursday. The national data agency reported that Canada’s economy expanded by 0.5 per cent in March and 1.1 per cent in February.
The United States Dollar Index came off its 20-year high, losing 0.43 of a point at 103.20. The U.S. Commerce Department reported that consumer spending increased by 1.1 per cent in March despite the highest inflation rates seen in decades.
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Crude oil prices ended the week on a mixed note. Brent crude oil gained US$1.75 per barrel at US$109.34. Meanwhile, West Texas Intermediate (WTI) crude oil stepped back US$0.94 at US$104.42/barrel. Western Canadian Select (WCS) subtracted US$0.64 to US$91.64.
Inflation fears and an underwhelming earnings report by Amazon Inc. caused major losses on the markets. The TSX/S&P Composite Index lost 359.06 points at 20,762.00. The Dow Jones fell 939.18 points or 2.8 per cent on Friday with April being its worst month for the index in a year. Meanwhile, NASDAQ dropped 536.89 points or four per cent, which made April its worst month since 2008.
Gold added US$6.50 per ounce to US$1,897.80.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.55
Farmer’s Edge Inc. dn $ 0.04 at $ 2.56
Linamar Corp. dn $ 0.63 at $ 50.88
Nutrien Ltd. dn $ 3.46 at $126.24
Ritchie Bros Auctioneers Inc. dn $ 1.41 at $ 70.76
(All figures are in Canadian dollars.)
