WINNIPEG, March 12 (MarketsFarm) – For the first time since February 2018, the Canadian dollar closed the day above the US$0.80 mark on Friday after Statistics Canada reported better-than-expected employment data, as well as a record amount of mortgage debt.
The unemployment rate fell to 8.2 per cent in February from 9.4 per cent in January, but low interest rates and high housing prices contributed to the highest amount of domestic mortgage debt ever recorded at C$34.9 billion in the fourth quarter of 2020.
The loonie finished at US$0.8004 or US$1=C$1.2561, compared to Thursday’s close of US$0.7961 or US$1=C$1.2561. On the U.S. Dollar Index, the greenback increased by 0.21 at 91.630 points.
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Due to a rising U.S. dollar and varying international demand, benchmark crude oil prices retreated on Friday.
Brent crude oil failed to reach the US$70 mark, dropping by US$0.42 per barrel to US$69.21. West Texas Intermediate (WTI) crude oil lost US$0.42 at US$65.60/barrel. Western Canadian Select (WCS) crude oil fell by US$0.46 to US$54.60/barrel.
The TSX Composite Index ended the week relatively steady, gaining only 6.75 points at 18,851.32, but at yet another record-high close.
Gold rebounded, moving up by US$1.93 to US$1,724.53 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.03 at $ 3.29
Linamar Corp. dn $ 3.99 at $ 84.66
Maple Leaf Foods up $ 0.18 at $ 27.15
Nutrien Ltd. dn $ 0.37 at $ 72.92
Ritchie Bros Auctioneers Inc. up $ 0.11 at $ 71.62
(All figures are in Canadian dollars.)
