Canadian Financial Close: Powell’s comments generates more strength for loonie
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was stronger on Friday due to a sharp loss in the United States dollar and increases in crude oil.
The loonie closed at US$0.7392 or US$1=C$1.3529, compared to Thursday’s finish of US$0.7352 or US$1=C$1.3602.
On the U.S. Dollar Index, the greenback dropped 0.839 of a point at 100.560 after Federal Reserve Chair Jerome Powell indicated the central bank would very likely cut its key interest rates next month.
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Benchmark crude oil prices were higher on Friday, also because of Powell’s comments.
Brent crude oil added US$1.83 at US$79.05 per barrel and West Texas Intermediate rose US$1.90 at US$74.91.
The TSX Composite Index advanced 248.61 points on Friday to close at 23,286.08.
Gold jumped US$30.00 at US$2,546.70 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.45 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 1.01 at $ 63.27 Maple Leaf Foods up $ 0.38 at $ 23.08 Nutrien Ltd. up $ 0.97 at $ 65.19 RB Global Inc. up $ 0.69 at $115.84
(All figures are in Canadian dollars)
