Canadian Financial Close: Canadian dollar lower ahead of the weekend

WINNIPEG, Aug. 23 (MarketsFarm) – The Canadian dollar was slightly down on Friday, hovering around the 75 U.S. cent mark.

The dollar finished the day at US$0.7513 or US$1=C$1.3310, which compares with Thursday’s close of US$0.7523 or US$1=C$1.3293.

Global equities sank today as a casualty in the continued trade war between the United States and China. China has threatened to levy tariffs on US$75 billion of American goods, the latest move in a prolonged trade war. The tariffs are to come into effect in two rounds, on September 1 and December 15. The trade war has re-ignited concerns regarding global economic growth.

The TSX Composite Index closed lower by 215.88 points at 16,037.58. The S&P 500 lost 75.85 to close at 2,847.11. Similarly, the Dow Jones plummeted 623.34 points to finish at 25,628.90. The NASDAQ dropped 239.92 to finish at 7,751.77.

Benchmark oil prices were lower, due to concerns that the U.S.-China trade war will negatively impact demand for crude oil. Brent crude oil was down by 80 U.S. cents to close at US$59.12 per barrel. West Texas Intermediate (WTI) crude oil lost US$1.49 to close at US$53.86 per barrel.

Canada’s agricultural sector fared as follows:

Buhler Industries unch at $ 2.64
Linamar Corp. dn $ 1.51 at $ 39.21
Maple Leaf Foods dn $ 0.80 at $ 32.05
Nutrien Ltd. dn $ 2.12 at $ 63.88
Ritchie Bros Auctioneers Inc. dn $ 0.21 at $ 51.99
Rocky Mountain Dealerships Inc. dn $ 0.04 at $ 6.56

(All figures are in Canadian dollars.)

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