By Commodity News Service Canada
WINNIPEG, Jan. 3 (CNS) – The Canadian dollar was stronger at market close, shrugging off the equity market drop and finding support from gains in the price of oil and gold.
The Canadian dollar settled Thursday at US$0.7407 or C$1.3501, compared to Wednesday’s North American close of US$0.7353 or C$1.3600.
Oil prices rose Thursday, supported by signs that Saudi Arabia is cutting crude output, however prices faced pressure from concern over slowing global economic growth. United States West Texas Intermediate added 55 U.S. cents to US$47.09 per barrel. Brent crude futures gained US$1.07 to US$55.95 per barrel.
Read Also
Canadian Financial Close: Loonie slips prior to expected interest rate freeze
By Glen Hallick Glacier Farm Media | MarketsFarm – The Canadian dollar gave up a quarter cent on Tuesday, ahead…
Gold prices rose Thursday, as investors rushed to buy metals from the dropping equity markets. Spot gold gained 0.7 per cent to US$1,293.24 per ounce.
Global equity markets fell Thursday as Apple Inc. released news sales are down, which made investors fear global economic growth is slowing. In Toronto, the S&P/TSX Composite was weaker at market close, following the lead of U.S. stocks which dropped. The S&P/TSX lost 129.34 points, to 14,217.82.
Canada’s agricultural sector performed as follows:
AGT Food and Ingredients———up $ 0.09 at $ 19.39
Buhler Industries—————-unchanged at $ 3.65
Linamar Corp.——————–dn $ 0.53 at $ 43.33
Maple Leaf Foods—————–dn $ 0.13 at $ 27.16
Nutrien Ltd.———————dn $ 2.03 at $ 60.75
Ritchie Bros Auctioneers Inc.——up $ 0.51 at $ 45.21
Rocky Mountain Dealerships Inc.—-up $ 0.17 at $ 9.03
(All figures are in Canadian dollars.)
