Canadian Financial Close: Loonie closes out week on a high note

Greenback slides back

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Published: November 24, 2023

Compiled by MarketsFarm

WINNIPEG, Nov. 24 (MarketsFarm) – The Canadian dollar gained a little more than four-tenths of a U.S. cent on Thursday, as the United States dollar took a hard hit, but losses in crude oil tempered further upticks.

The loonie closed at US$0.7341 or US$1=C$1.3623, compared to Thursday’s finish of US$0.7300 or US$1=C$1.3699. On the United States Dollar Index, the greenback dropped 0.521 of a point at 103.304.

Statistics Canada reported on Friday that retail sales in September climbed 0.6 per cent and projected a rise of 0.8 per cent for October.

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Benchmark crude oil prices continued lower on Friday, as OPEC+ struggled to resolve its internal dispute over production cuts.

Brent crude oil gave up 84 cents at US$80.58 per barrel, and West Texas Intermediate lost US$1.56 at US$75.54.

The TSX Composite Index was relatively flat on Friday, as it shed 13.55 points to close at 20,103.11. The U.S. markets resumed trading following the Thanksgiving holiday.

Gold advanced US$10.90 at US$2,003.70 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries                unchanged      at $  2.25

Farmers Edge Inc.                unchanged      at $  0.24

Linamar Corp.                    dn $ 0.20      at $ 57.67

Maple Leaf Foods                 up $ 0.11      at $ 25.13

Nutrien Ltd.                     up $ 0.13      at $ 76.28

Rb Global Inc.                   up $ 0.87      at $ 85.23

(All figures are in Canadian dollars)

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