WINNIPEG, March 26 (MarketsFarm) – After nearly a week of losing ground against the United States dollar, the Canadian dollar gained on Friday as oil prices rose due to the Suez Canal blockage which could take weeks to remedy.
The loonie finished at US$0.7949 or US$1=C$1.2580, which was up from Thursday’s close at US$0.7933 or US$1=C$1.2606. On the United States Dollar Index, the greenback increased 0.16 to 92.69 points.
Benchmark crude oil prices surged on Friday due to an ongoing inability for tankers to traverse the shipping route between the Mediterranean Sea and the Red Sea. Brent crude oil jumped by US$2.54 per barrel to US$64.49. West Texas Intermediate (WTI) crude oil crossed the US$60 mark, gaining US$2.29 at US$60.85/barrel. Western Canadian Select (WCS) crude oil surpassed the US$50 mark after increasing by US$2.52 to US$50.69/barrel.
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Canadian dollar and business outlook
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Economic optimism drove the TSX Composite Index upwards on Friday, jumping by 101.48 points to 18,752.58.
Gold was lifted by US$5.30 to US$1,732.23 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.27
Linamar Corp. dn $ 0.49 at $ 74.21
Maple Leaf Foods up $ 0.33 at $ 28.06
Nutrien Ltd. up $ 1.00 at $ 70.42
Ritchie Bros Auctioneers Inc. up $ 2.76 at $ 74.76
(All figures are in Canadian dollars.)
