WINNIPEG – The Canadian dollar declined on Friday to its largest weekly loss since March 2020 despite welcome retail sales news.
The loonie was at US$0.7778 or US$1=C$1.2856 on Friday, compared to Thursday’s close at US$0.7817 or US$1=C$1.2792. Statistics Canada reported on Friday retail sales went up 4.2 per cent in June due to easing COVID-19 restrictions. However, the national data agency also estimated a 1.7 per cent decline in July.
The U.S. Dollar Index was down 0.13 of a point at 93.44.
Benchmark crude oil prices suffered its longest run of losses since 2019 on Friday. Brent crude oil dropped US$1.43 per barrel to US$65.02. West Texas Intermediate (WTI) crude oil declined US$1.37 to US$62.32/barrel. Western Canadian Select (WCS) crude oil fell US$2.17 to US$49.07/barrel.
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The TSX/S&P Composite Index bounced back nicely on Friday, gaining 123.66 points to 20.339.02.
Gold increased US$1.46 per ounce to US$1,781.84.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.19
Farmer’s Edge Inc. up $ 0.44 at $ 5.13
Linamar Corp. dn $ 0.38 at $ 69.04
Maple Leaf Foods dn $ 0.29 at $ 27.38
Nutrien Ltd. up $ 1.62 at $ 76.10
Ritchie Bros Auctioneers Inc. up $ 0.66 at $ 79.09
(All figures are in Canadian dollars.)
