Compiled by MarketsFarm
WINNIPEG, Jan. 20 (MarketsFarm) – The Canadian dollar advanced by nearly three-tenths of a cent on Friday, propelled by higher crude oil prices and a slight step back in the United States dollar.
The loonie closed at US$0.7451 or US$1=C$1.3421, compared to Thursday’s close of US$0.7423 or US$1=C$1.3472. On the U.S. Dollar Index, the greenback dipped 0.091 of a point at 101.740.
Benchmark crude oil prices were higher on Friday, the market continued to become more confident China’s economy will recover from a sluggish 2022.
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Brent crude oil rose US$1.55 at US$87.71 per barrel and West Texas Intermediate (WTI) was up 98 cents at US$81.31. Western Canadian Select (WCS) tacked on 85 cents at US$58.08.
Statistics Canada estimated that the country’s retail sales rose 0.5 per cent in December, which followed the 0.1 per cent decline in November. Meanwhile, the Bank of Canada is slated to make its next interest rate announcement on Wednesday, with an eighth-consecutive increase believed to be in the works.
The TSX Composite Index finished Friday with a gain of 161.77 points at 20,503.21.
Gold added US$4.70 at US$1,928.60 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.05 at $ 2.00 Farmers Edge Inc. up $ 0.01 at $ 0.26 Linamar Corp. dn $ 0.21 at $ 64.18 Maple Leaf Foods up $ 0.29 at $ 25.29 Nutrien Ltd. dn $ 2.80 at $105.48 Ritchie Bros Auctioneers Inc. up $ 0.10 at $ 80.38
(All figures are in Canadian dollars.)
