By Commodity News Service Canada
WINNIPEG, July 28 – The Canadian dollar rose against its US
counterpart to end the week, taking strength from better-than-
expected May GDP numbers. Many analysts say this bolsters the
chance the Bank of Canada will hike interest rates again this
year.
Gains in gold bullion and crude oil lent support to the
loonie.
It was a tough day for Canadian bonds as strong North
American economic growth figures prompted many investors to opt
for riskier assets.
The Canadian dollar ended Friday at US$0.8034 cents or
C$1.2447, compared to Thursday’s close of US$0.7987 or C$1.2520.
Canadian stocks suffered losses on Friday, pressured by
downward action in energy companies and consumer discretionary
firms.
Imperial Oil fell 3.1% while Encana dropped 2.1%.
In Toronto, the S&P/TSX Composite Index dropped 62.71
points, or 0.41%, to 15,128.65.
Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–up $ 0.01 at $ 26.00
Agrium Incorporated———-dn $ 0.20 at $124.13
Buhler Industries————– $ 0.00 at $ 4.15
Maple Leaf Foods————-up $ 0.19 at $ 34.13
Potash Corp. of Sask———dn $ 0.06 at $ 22.16
(All figures are in Canadian dollars.)
