WINNIPEG, May 13 (MarketsFarm) – The Canadian dollar was weaker on Thursday, retreating from its recently-hit three-year highs.
The Canadian dollar closed at US$0.8230 or US$1=C$1.2150 on Thursday, which compares with Wednesday’s North American close of US$0.8267 or US$1=C$1.2096.
Comments from Bank of Canada Governor Tiff Macklem contributed to the softer tone in the currency, as the country’s head banker noted in a speech that continued strength in the currency could hurt Canadian exports and limit investments into the country.
Crude oil was weaker, as a pipeline went back online in the United States and concerns over the pandemic in India worsened. West Texas Intermediate crude oil was down by 3.51 per cent at US$63.77 per barrel.
The TSX Composite Index was stronger, up 28.04 points, or 0.15 per cent, to close at 19,135.81 points.
Canada’s agricultural sector performed as follows:
Buhler Industries—————-dn $ 0.21 at $ 3.68
Linamar Corp.——————–up $ 0.49 at $ 74.91
Maple Leaf Foods—————– $ 0.00 at $ 26.33
Nutrien Ltd.———————dn $ 0.62 at $ 72.10
Ritchie Bros Auctioneers Inc.—-up $ 1.31 at $ 74.67
Farmers Edge Inc.—————-dn $ 0.96 at $ 13.02
(All figures are in Canadian dollars.)