Canadian Financial Close: Canadian dollar remains strong

By MarketsFarm

WINNIPEG, July 12 (MarketsFarm) – The Canadian dollar was stronger at market close on Friday.

The dollar finished the day at US$0.7670 or US$1=C$1.3038, which compares with Thursday’s close of US$0.7651 or US$1=C$1.3071.

Global stocks remain high thanks to modest gains in technology and industrial sectors. Investors remain focused on the United States Federal Reserve, which may cut interest rates for the first time in more than a decade before the end of July.

The TSX Composite Index closed lower by 39.78 points at 16,488.12 largely due to poor performances in cannabis and health care stocks. The S&P 500 gained 12.86 to close at 3,013.77. Similarly, the Dow Jones gained 243.95 to finish at 27,332.03. The NASDAQ gained 48.10 to finish at 8,244.14.

Benchmark oil prices were higher on Friday after OPEC announced its forecast for lower demand for crude oil in 2020. Brent crude oil was up by 30 cents to close at US$66.82 per barrel. West Texas Intermediate (WTI) crude oil gained eight cents to close at US$60.28 per barrel.

Canada’s agricultural sector fared as follows:

Buhler Industries dn $0.29 at $ 3.52
Linamar Corp. up $0.50 at $ 45.12
Maple Leaf Foods up $0.21 at $ 29.41
Nutrien Ltd. dn $ 0.24 at $ 65.06
Ritchie Bros Auctioneers Inc. up $ 0.68 at $ 44.81
Rocky Mountain Dealerships Inc. dn $ 0.14 at $ 7.50

(All figures are in Canadian dollars.)

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