Compiled by Glen Hallick, MarketsFarm
WINNIPEG, May 19 (MarketsFarm) – The Canadian dollar was higher on Thursday, taking advantage of a weaker United States dollar.
The loonie closed at US$0.7807 or US$1=C$1.2809, compared to Wednesday’s close of US$0.7788 or US$1=C$1.2841.
On the U.S. Dollar Index, the greenback dropped sharply by 0.962 of a point at 102.900.
A number of reports said Canadian Prime Minister Justin Trudeau is to soon announce a ban on Huawei Technologies from fifth-generation wireless networks. The ban would bring Canada in line with its five-eyes intelligence allies.
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Benchmark crude oil prices were higher on Thursday, due to tight supplies in the U.S. just as demand picks up. An unclear picture out of China as to where it’s heading with its latest COVID-19 surge in cases tempered higher gains in crude.
Brent crude oil increased US$2.15 at US$111.26 per barrel. West Texas Intermediate (WTI) crude oil advanced US$1.81 at US$111.40 per barrel. Western Canadian Select (WCS) rose US$1.88 at US$94.41 per barrel.
The TSX Composite Index bumped up 80.54 points to finish Thursday at 20,181.92.
Gold jumped US$24.20 at US$1,840.10 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.46
Farmers Edge Inc. up $ 0.10 at $ 2.41
Linamar Corp. up $ 0.34 at $ 52.29
Maple Leaf Foods dn $ 0.34 at $ 26.82
Nutrien Ltd. dn $ 0.87 at $129.85
(All figures are in Canadian dollars.)
