WINNIPEG – The Canadian dollar closed the week on a high note as a series of good economic news in the United States lifted markets.
The loonie was at US$0.7903 or US$1=C$1.2654 on Friday, up from Thursday’s price at 3:30 p.m. CDT of US$0.7891 or US$1=C$1.2673. The Bank of Canada did not provide an official closing price on Thursday, with most federal government offices closed for the National Day for Truth and Reconciliation.
On Friday, separate reports announced that consumer spending increased and the manufacturing sector expanded in August. U.S. President Joe Biden was also still in negotiations with Congress to pass an infrastructure spending bill. The U.S. Dollar Index was down 0.19 of a point at 94.04.
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Benchmark crude oil prices bounced back on Friday, three days before the OPEC+ alliance meets to discuss future supply. Brent crude oil jumped US$0.84 per barrel to US$79.15. West Texas Intermediate (WTI) crude oil advanced US$0.71 to US$75.74/barrel. Meanwhile, Western Canadian Select (WCS) crude oil gained US$0.28 to US$63.69/barrel.
The TSX/S&P Composite Index reversed direction from a multi-day downturn, rising 80.62 points to 20,150.87.
Gold increased US$3.18 per ounce to US$1,760.14.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.21
Farmer’s Edge Inc. dn $ 0.13 at $ 4.91
Linamar Corp. up $ 0.32 at $ 66.09
Maple Leaf Foods dn $ 0.08 at $ 25.66
Nutrien Ltd. up $ 2.70 at $ 84.91
Ritchie Bros Auctioneers Inc. dn $ 0.31 at $ 77.85
(All figures are in Canadian dollars.)
