By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The Canadian dollar strengthened slightly relative to its United States counterpart on Thursday, finding some support despite losses in crude oil.
The Canadian dollar settled at US$0.7363 or US$1=C$1.3582 on Thursday, which compares with Wednesday’s close of US$0.7358 or US$1=C$1.3590.
While the latest economic data from Statistics Canada showed that the country’s real gross domestic product contracted at an annual rate of 1.1 per cent in the third quarter, revised data for the second quarter showed a small rise with preliminary fourth quarter numbers also pointing higher.
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Production cuts agreed to by OPEC+ came in below trade expectations, leading to a drop in oil prices. West Texas Intermediate crude oil was down by 2.71 per cent at US$75.75 per barrel.
The TSX Composite Index was stronger, gaining 120.09 points to close at 20,236.29 points.
Canada’s agricultural sector performed as follows:
Buhler Ind.———————- $ 0.00 at $ 2.22
Linamar Corp.——————–dn $ 0.50 at $ 57.61
Maple Leaf Foods—————–dn $ 0.14 at $ 24.13
Nutrien Ltd.———————dn $ 2.89 at $ 72.58
Ritchie Bros Auctioneers Inc.—-up $ 0.37 at $ 86.25
Farmers Edge Inc.—————-up $ 0.005 at $ 0.245
(All figures are in Canadian dollars.)
