Canadian Financial Close: Loonie continues rising

By MarketsFarm

WINNIPEG, Jan. 14 (MarketsFarm) – The Canadian dollar was stronger on Thursday, closing above 79 U.S. cents due to a slightly weaker United States dollar and gains in crude oil prices.

The dollar finished at US$0.7903 or US$1.2654, compared to Tuesday’s close of US$0.7868 or US$1=C$1.2710.

The U.S. Dollar Index saw the greenback pull back 0.159 to settle at 90.175 points. The decline was despite President-elect Joe Biden’s proposal for a US$1.9 trillion economic stimulus package.

Benchmark crude oil prices were higher on Thursday, as China imported 7.3 per cent more oil in 2020 than in 2019, despite the COVID-19 pandemic. However, the surge in the global number of reported cases tempered further gains.

Brent crude oil was up 29 cents at US$56.35 per barrel. West Texas Intermediate (WTI) crude oil rose 71 cents at US$53.62/barrel. Western Canadian Select (WCS) crude oil gained US$1.18 at US$42.79/barrel.

The TSX Composite Index was up 23.35 points on Thursday to finish at 17,958.09.

Gold was down US$7.90 at US$1,847.00 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries up $ 0.04 at $ 2.73
Linamar Corp. up $ 0.79 at $ 73.00
Maple Leaf Foods dn $ 0.19 at $ 26.21
Nutrien Ltd. up $ 0.58 at $ 68.23
Ritchie Bros Auctioneers Inc. dn $ 2.48 at $ 78.04
Rocky Mountain Dealerships Inc. unchanged at $ 7.40
(All figures are in Canadian dollars.)

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