WINNIPEG – The Canadian dollar bounced back on Thursday on the strength of a weakening United States dollar and higher crude oil prices.
The loonie was at US$0.7954 or US$1=C$1.2573 on Thursday, compared to Wednesday’s close at US$0.7932 or US$1=C$1.2607. The United States Dollar Index was down 0.22 of a point at 92.23.
Benchmark crude oil prices were higher on Thursday as 94 per cent of oil production along the Gulf of Mexico is still shut down after Hurricane Ida, according to Bloomberg News. Brent crude oil jumped US$1.15 per barrel to US$72.74. West Texas Intermediate (WTI) crude oil rebounded US$1.10 to US$69.69/barrel. Meanwhile, Western Canadian Select (WCS) crude oil surged US$1.51 to US$57.78/barrel.
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A rise in energy stocks and declining jobless claim numbers in the U.S. has the TSX/S&P Composite Index reaching a record close on Thursday, increasing 105.54 points at 20,795.12.
Gold fell US$4.10 per ounce to US$1,809.80.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.22
Farmer’s Edge Inc. dn $ 0.22 at $ 5.42
Linamar Corp. up $ 0.60 at $ 71.78
Maple Leaf Foods dn $ 0.26 at $ 27.43
Nutrien Ltd. up $ 1.25 at $ 77.39
Ritchie Bros Auctioneers Inc. up $ 0.52 at $ 80.49
(All figures are in Canadian dollars.)
