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Canadian Financial Close: Loonie gives up some ground

Greenback budges a little

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Published: November 25, 2022

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, Nov. 25 (MarketsFarm) – The Canadian dollar stepped back a little on Friday as the United States dollar remained firm and crude oil prices were lower.

The loonie closed at US$0.7476 or US$1=C$1.3377, compared to Thursday’s close of US$0.7497 or US$1=C$1.3338.

On the U.S. Dollar Index, the greenback was relatively steady, dipping 0.050 of a point at 105.917.

Benchmark crude oil prices declined on Friday as pressure came from China’s struggles with its latest COVID-19 outbreak and the European Union’s move to impose a price cap on Russian oil imports.

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Brent crude oil lost $1.71 at US$83.63 per barrel. West Texas Intermediate (WTI) crude oil gave up US$1.66 at US$76.28/barrel. Western Canadian Select (WCS) was down US$1.41 at US$47.45/barrel.

The TSX Composite Index bumped up 39.70 points to finish Friday at 20,383.77.

Gold increased US$9.30 at US$1,769.70 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries                unchanged      at $  1.85

Farmers Edge Inc.                dn  $ 0.02     at $  0.30

Linamar Corp.                    up  $ 1.16     at $ 67.11

Maple Leaf Foods                 up  $ 0.18     at $ 25.17

Nutrien Ltd.                     up  $ 1.22     at $110.16

Ritchie Bros Auctioneers Inc.    up  $ 0.43     at $ 72.89

(All figures are in Canadian dollars.)

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