WINNIPEG, Feb. 19 (MarketsFarm) – The Canadian dollar was stronger on Friday, nearing three-year highs relative to its United States counterpart.
An increased appetite for risk in global markets and a firm tone in many commodities contributed to the strength in the currency, according to analysts.
However, soft retail sales data and losses in crude oil weighed somewhat on values.
Canadian retail sales were down by 3.4 per cent in December with preliminary data pointing to a 3.3 per cent decline in January, according to Statistics Canada.
The Canadian dollar closed at US$0.7928 or US$1=C$1.2614, which compares with Thursday’s North American close US$0.7876 or US$1=C$1.2696.
Crude oil was weaker on Friday, with West Texas Intermediate crude oil down by 2.61 per cent at US$58.94 per barrel.
The TSX Composite Index was higher, gaining 110.20 points, or 0.60 per cent, to close at 18,384.27 points.
Canada’s agricultural sector performed as follows:
Buhler Industries—————-up $ 0.38 at $ 3.28
Linamar Corp.——————–up $ 2.68 at $ 70.16
Maple Leaf Foods—————–dn $ 0.10 at $ 24.10
Nutrien Ltd.———————up $ 0.79 at $ 71.27
Ritchie Bros Auctioneers Inc.—-dn $ 5.33 at $ 67.06
(All figures are in Canadian dollars.)