WINNIPEG – The Canadian dollar closed lower heading into the Canada Day weekend amid mixed economic data from Statistics Canada (StatCan).
The loonie closed at US$0.7760 or US$1=C$1.2886, down from US$0.7765 or US$1=C$1.2878 on Wednesday. StatCan reported that Canada’s economy grew by 0.3 per cent in April, but preliminary data showed it contracted by 0.2 per cent in May.
The United States Dollar Index dropped 0.41 of a point to 104.70. The U.S. Commerce Department reported on Thursday that consumer spending rose by 0.2 per cent in May, the slowest rise in five months.
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Crude oil took a plunge after OPEC+ decided on no further output increase in August other than what was previously announced. Brent crude oil declined US$1.45 per barrel at US$114.81. West Texas Intermediate (WTI) crude oil tumbled US$3.86 at US$105.92/barrel. Western Canadian Select (WCS) fell US$3.89 per barrel to US$87.60.
Recession fears pressured the TSX/S&P Composite Index, which fell 217.28 points on Thursday to 18.861.36.
Gold lost US$9.80 at US$1,807.70 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.34
Farmer’s Edge Inc. up $ 0.20 at $ 1.93
Linamar Corp. dn $ 0.89 at $ 54.54
Maple Leaf Foods dn $ 0.01 at $ 25.31
Nutrien Ltd. dn $ 3.65 at $102.51
Ritchie Bros Auctioneers Inc. up $ 1.64 at $ 83.75
(All figures are in Canadian dollars.)
