WINNIPEG – The Canadian dollar slipped on Friday despite a spike in crude oil prices after the United States asserted that a Russian invasion of Ukraine will be coming soon.
The loonie was at US$0.7873 or US$1=C$1.2702 on Friday, down from Thursday’s close of US$0.7885 or US$1=C$1.2682. Canadian Prime Minister Justin Trudeau said in a press conference on Friday that police and all levels of government are preparing to take actions against truck blockades in Ottawa, Windsor and elsewhere.
The U.S. Dollar Index was up 0.50 of a point to 96.06.
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Benchmark crude oil prices rose sharply on Friday after White House national security advisor Jake Sullivan said Russia could attack Ukraine at any time before the end of the Winter Olympics. Brent crude oil advanced US$3.60 per barrel to US$95.01. West Texas Intermediate (WTI) crude oil climbed US$4.05 to US$93.93/barrel. Western Canadian Select (WCS) crude oil gained US$3.13 at US$79.81/barrel.
The TSX/S&P Composite Index was fairly quiet, increasing 17.12 points to 21,548.84.
The announcement by the White House lifted the price of gold US$27.60 per ounce to US$1,865.00.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 3.01
Farmer’s Edge Inc. up $ 0.31 at $ 3.20
Linamar Corp. dn $ 1.69 at $ 68.37
Maple Leaf Foods up $ 0.18 at $ 32.05
Nutrien Ltd. up $ 0.74 at $ 97.21
Ritchie Bros Auctioneers Inc. dn $ 1.52 at $ 73.20
(All figures are in Canadian dollars.)
