Canadian Financial Close: Canadian dollar dips slightly

By MarketsFarm

WINNIPEG, Aug. 22 (MarketsFarm) – The Canadian dollar was slightly down on Thursday, but held on above 75 U.S. cent mark.

The dollar finished the day at US$0.7523 or US$1=C$1.3293, which compares with Wednesday’s close of US$0.7531 or US$1=C$1.3278.

Global equities showed mixed performances today, posting either modest gains or minor losses. Investors were reserved in anticipation of a speech from Federal Reserve Chair Jerome Powell on Friday.

“The market is expecting a rate cut in September, and if Powell doesn’t think that consensus is going to be to cut rates, he needs to start preparing the market for that,” said Willie Delwiche, investment strategist at Baird, to the Canadian Press.

The TSX Composite Index closed lower by 55.77 points at 16,253.46. The S&P 500 lost 1.48 to close at 2,922.95. Conversely, the Dow Jones gained 49.51 points to finish at 26,252.24. The NASDAQ was down 28.82 to finish at 8,020.21.

Benchmark oil prices were lower, due to prolonged concerns of a weakening global economy. Brent crude oil was down by 34 U.S. cents to close at US$59.96 per barrel. West Texas Intermediate (WTI) crude oil lost 32 U.S. cents to close at US$55.36 per barrel.

Canada’s agricultural sector fared as follows:

Buhler Industries dn $ 0.03 at $ 2.64
Linamar Corp. dn $ 0.05 at $ 40.72
Maple Leaf Foods dn $ 0.08 at $ 32.85
Nutrien Ltd. up $ 0.34 at $ 66.00
Ritchie Bros Auctioneers Inc. dn $ 0.28 at $ 52.20
Rocky Mountain Dealerships Inc. dn $ 0.02 at $ 6.60

(All figures are in Canadian dollars.)

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