By MarketsFarm
WINNIPEG, Oct. 24 (MarketsFarm) – The Canadian dollar was slightly stronger at market close on Thursday, as the loonie hovers near its highest point in three months.
The loonie finished the day at US$0.7648 or US$1=C$1.3075, which compares with Wednesday’s close of US$0.7642 or C$1.3086.
The upward movement in the dollar comes before the Bank of Canada makes its next announcement on its benchmark interest rate on Oct. 30. Canada’s central bank is widely expected to continue freeze its rate at 1.75 per cent.
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Benchmark oil prices were slightly stronger on Thursday, due to a larger than expected draw on U.S. crude inventories and the shutdown of a North Sea pipeline.
Brent crude oil was up 45 cents to close at US$61.62 per barrel, while West Texas Intermediate (WTI) gained 27 cents to close at US$56.24 per barrel. Western Canadian Select crude rose 67 cents at US$39.47 per barrel.
The TSX/S&P Composite Index was higher on Thursday on the strength of the materials and technology sectors. The TSX gained 33.39 points to close at 16,369.32 points.
The price of gold gained US$9.30 on Thursday to close at US$1,505.00 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.04 at $ 3.60
Linamar Corp. dn $ 1.06 at $ 42.24
Maple Leaf Foods dn $ 0.75 at $ 29.17
Ritchie Bros Auctioneers Inc. up $ 0.46 at $ 52.51
Rocky Mountain Dealerships Inc. dn $ 0.08 at $ 6.80
(All figures are in Canadian dollars.)
