By MarketsFarm
WINNIPEG, Jan. 7 (MarketsFarm) – The Canadian dollar was slightly lower on Thursday, as its United States counterpart made a small gain. The decline was stymied by increases in crude oil prices.
The loonie finished at US$0.7870 or US$1.2707, compared to Wednesday’s close of US$0.7883 or US$1=C$1.2685.
On the U.S. Dollar Index, the greenback was up 0.253 at 89.755 points, recovering a little bit of its lost strength.
Benchmark crude oil prices were higher on Thursday, following the confirmation of Joe Biden as the next U.S. president. The markets have pinned its hopes that the incoming administration will boost economic stimulus to tackle the damage caused by the COVID-19 pandemic. However, those gains were tempered by the surging number of cases worldwide, with fears of more lockdowns in the near future.
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Brent crude oil was up 19 cents at US$54.49 per barrel. West Texas Intermediate (WTI) crude oil gained 32 cents at US$50.95/barrel. Western Canadian Select (WCS) crude oil rose 86 cents at US$35.85/barrel.
The TSX Composite Index gained 199.46 points on Thursday to finish at 18,027.57.
Gold lost US$4.02 at US$1,914.59 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.70
Linamar Corp. up $ 0.06 at $ 71.60
Maple Leaf Foods dn $ 0.21 at $ 26.90
Nutrien Ltd. dn $ 0.05 at $ 65.50
Ritchie Bros Auctioneers Inc. up $ 1.17 at $ 87.00
Rocky Mountain Dealerships Inc. unchanged at $ 7.40
(All figures are in Canadian dollars.)
