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Canadian Financial Close: Loonie pulls back in face of greenback, deficit

Dollar falls below 79 U.S. cents again

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, Sept. 24 (MarketsFarm) – The Canadian dollar retreated below 79 United States on Friday, due to a stronger U.S. dollar and on news that the federal deficit was nearly C$48.5 billion during the first four months of the fiscal year.

The loonie closed at US$0.7886 or US$1=C$1.2680, compared to Thursday’s close of US$0.7903 or US$1=C$1.2653.

Reports stated that Huawei executive Meng Wanzhou reached a deferred prosecution agreement with U.S. officials on Friday. The deal will pave the way for her extradition to the U.S. being halted as well her release from house arrest in Vancouver. This may open up the possibility of Canadians Michael Kovrig and Michael Spavor being released from prison in China, as well as China improving relations with Canada.

On the U.S. Dollar Index, the greenback was up 0.245 at 93.275 points.

Benchmark crude oil prices were higher on Friday as stocks contracted in the U.S. and China.

Brent crude oil gained 76 cents at US$78.01 per barrel. West Texas Intermediate (WTI) crude oil rose 63 cents at US$73.93 per barrel. Western Canadian Select (WCS) climbed 82 cents at US$62.19 per barrel.

The TSX Composite Index lost 59.27 points on Friday, to finish at 20,402.66.

Gold stepped back US$1.90 at US$1,747.90 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries up $ 0.08 at $ 3.29
Farmers Edge Inc. up $ 0.03 at $ 4.58
Linamar Corp. up $ 1.43 at $ 66.64
Maple Leaf Foods dn $ 0.10 at $ 26.45
Nutrien Ltd. up $ 1.18 at $ 81.70
Ritchie Bros Auctioneers Inc. dn $ 0.55 at $ 79.15
(All figures are in Canadian dollars.)

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