WINNIPEG, March 11 (MarketsFarm) – The Canadian dollar nearly climbed to the US$0.80 mark on Thursday due to a jump in oil prices and a weakening U.S. dollar.
The loonie finished at US$0.7961 or US$1=C$1.2561, compared to Wednesday’s close of US$0.7913 or US$1=C$1.2637. On the U.S. Dollar Index, the greenback fell by 0.45 at 91.370 points.
Benchmark crude oil prices continued its rise on Thursday on increasing gasoline demand and depleted oil inventories.
Brent crude oil flirted with the US$70 mark, but instead climbed US$1.84 per barrel to US$69.74. West Texas Intermediate (WTI) crude oil jumped by US$1.66 at US$66.10/barrel. Western Canadian Select (WCS) crude oil surged by US$1.34 to US$55.06/barrel.
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After the U.S. Labor Department reported the number of weekly jobless claims has hit a four-month low, both the S&P 500 and the Dow Jones closed at record highs. Meanwhile, the TSX Composite Index hit another record-high on Thursday, rising by 154.57 points at 18,844.57.
Gold dropped by US$2.79 to US$1,723.93 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.08 at $ 3.32
Linamar Corp. up $ 8.64 at $ 88.65
Maple Leaf Foods up $ 0.40 at $ 26.97
Nutrien Ltd. up $ 1.20 at $ 73.29
Ritchie Bros Auctioneers Inc. up $ 2.17 at $ 71.51
(All figures are in Canadian dollars.)
