WINNIPEG – The Canadian dollar ended the week lower on Friday after a day of recession fear-based selling rattled the markets.
The loonie closed at US$0.7369 or US$1=C$1.3570, down from US$0.7418 or US$1=C$1.3480 on Thursday. Meanwhile, Statistics Canada announced that retail sales fell 2.5 per cent to C$61.3 billion in July, the first monthly decline in seven months.
The United States Dollar Index continued its march upwards, jumping 1.61 points to 112.96, reaching levels unseen since 2002.
Crude oil prices plunged on Friday as investors feared reduced demand due to a potential recession. Brent crude oil fell US$3.96 per barrel to US$86.50. West Texas Intermediate (WTI) crude oil lost US$4.40 at US$79.09/barrel. Meanwhile, Western Canadian Select (WCS) tumbled US$5.52 per barrel to US$56.79.
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The TSX/S&P Composite Index took a nosedive, losing 521.70 points, equivalent to more than three per cent. The Dow Jones fell 486.27 points to 29,540.41, its lowest close since 2020.
Gold was not immune to the market turbulence, dropping US$29.10 at US$1,652.00 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 1.95
Farmer’s Edge Inc. up $ 0.01 at $ 0.75
Linamar Corp. dn $ 2.42 at $ 59.32
Maple Leaf Foods dn $ 0.05 at $ 20.71
Nutrien Ltd. dn $ 6.22 at $112.70
Ritchie Bros Auctioneers Inc. dn $ 0.03 at $ 85.19
(All figures are in Canadian dollars.)
