Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Feb. 24 (MarketsFarm) – The Canadian dollar dropped to a two-month low on Thursday, following Russia’s invasion of Ukraine, which gave rise to the United States dollar.
The loonie closed at US$0.7793 or US$1=C$1.2832, compared to Wednesday’s close of US$0.7863 or US$1=C$1.2718.
Canadian Prime Minister Justin Trudeau announced economic sanctions placed against Russia on Thursday, which includes all of the latter’s export permits regarding Canada being revoked. As well, sanctions encompassed Russian banks plus the ministers of defence, finance, and justice. Also, Defence Minister Anita Anand said 3,400 Canadian troops are on standby for deployment to Europe.
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On the U.S. Dollar Index, the greenback surged by 0.832 of a point at 97.020, as investors sought refuge in the U.S. currency.
Benchmark crude oil prices remained higher on Thursday, but after much larger gains faded when U.S. President Joe Biden omitted Russian oil supplies from his extensive economic sanctions placed against the country.
Brent crude oil gained US$2.50 at US$99.34 per barrel. West Texas Intermediate (WTI) crude oil rose US$1.31 at US$93.41 per barrel. Meanwhile, Western Canadian Select (WCS) was up US$1.24 at US$80.63 per barrel.
The TSX Composite Index was slightly higher on Thursday, with a small gain of 17.76 points to finish at 20,761.93.
Gold dropped US$12.90 at US$1,897.50 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.01
Farmers Edge Inc. up $ 0.04 at $ 3.79
Maple Leaf Foods dn $ 3.83 at $ 27.89
Nutrien Ltd. up $ 3.46 at $ 99.19
Ritchie Bros Auctioneers Inc. up $ 2.30 at $ 66.63
(All figures are in Canadian dollars.)
