Canadian Financial Close: Loonie bounces back ahead of long weekend

By MarketsFarm

WINNIPEG, July 31 (MarketsFarm) – The Canadian dollar was slightly higher on Friday, benefitting from the Statistics Canada report on the economy.

The loonie finished at US$0.7460 or US$1=C$1.3404, compared to Thursday when it closed at US$0.7445 or US$1=C$1.3432.

The federal agency’s report said the Canadian economy grew 4.5 per cent in May and is on track to further expand by five per cent in June. On the downside, the economy was still down 12 per cent in the second quarter of 2020.

Benchmark crude oil prices were steady to higher on Friday, due to an Energy Information Administration report that said United States oil production in May dropped two million barrels per day. A grim global economic outlook kept a lid on further gains.

Brent crude oil rose 36 cents at US$43.30 per barrel. West Texas Intermediate (WTI) crude oil gained 48 cents at US$40.40 per barrel. Western Canadian Select (WCS) crude oil was up two cents at US$30.19 per barrel.

Gold continued higher on Friday increasing US$17.96 to finish at US$1,974.60 per ounce.

The TSX Composite Index was lower on Friday, down 130.09 points to finish at 16,169.20.

Canadians in several provinces will mark the long weekend resulting in the markets being closed on August 3.

Canada’s agricultural sector fared as follows:

Buhler Industries dn $ 0.13 at $ 2.70
Linamar Corp. dn $ 1.63 at $ 40.00
Maple Leaf Foods up $ 0.24 at $ 29.46
Nutrien Ltd. dn $ 1.21 at $ 43.62
Ritchie Bros Auctioneers Inc. dn $ 0.30 at $ 61.93
Rocky Mountain Dealerships Inc. up $ 0.20 at $ 4.55
(All figures are in Canadian dollars.)

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