Canadian Financial Close: Loonie closes below 75 U.S. cents

By MarketsFarm

WINNIPEG, Oct. 29 (MarketsFarm) – The Canadian dollar was weaker on Thursday, as crude oil continued to grind lower and the United States dollar gained strength.

The loonie finished at US$0.7491 or US$=C$1.3349 compared to Wednesday’s close of US$0.7518 or US$1=C$1.3302.

The U.S. Dollar Index saw the greenback improve to 93.940 points, which put pressure on other major global currencies including the Canadian dollar.

Benchmark crude oil prices were lower on Thursday, as lockdown measures in Europe have caused the markets to be concerned about a steep drop in the demand for oil.

Brent crude oil dropped US$1.37 at US$37.75 per barrel. West Texas Intermediate (WTI) crude oil lost US$1.15 at US$36.24 per barrel. Western Canadian Select (WCS) crude was down 91 cents at US$26.25 per barrel.

After tough losses on Wednesday, the TSX Composite Index regained a small amount of ground on Thursday. The TSX rose 84.13 points to finish at 15,670.70.

Gold was down US$9.85 at US$1,867.34 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.33
Linamar Corp. up $ 0.47 at $ 44.90
Maple Leaf Foods up $ 0.72 at $ 24.36
Nutrien Ltd. up $ 1.07 at $ 54.55
Ritchie Bros Auctioneers Inc. up $ 0.49 at $ 80.65
Rocky Mountain Dealerships Inc. dn $ 0.13 at $ 5.17
(All figures are in Canadian dollars.)

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