Canadian Financial Close: Loonie down despite oil, stock gains

WINNIPEG, March 5 (MarketsFarm) – The Canadian dollar was slightly lower against the United States dollar on Friday despite rising oil prices, Canada’s first trade surplus (C$1.4 billion) since May 2019 and Health Canada’s approval of the one-dose Johnson & Johnson COVID-19 vaccine.

The loonie finished at US$0.7894 or US$1=C$1.2668, compared to Thursday’s close of US$0.7913 or US$1=C$1.2637. On the U.S. Dollar Index, the greenback moved upward by 0.32 at 91.960 points.
Benchmark crude oil prices continued to rise one day after OPEC+ nations decided to go ahead with planned production cuts going into April.

Brent crude oil approached the US$70 per barrel mark, but closed just shy at US$69.61. West Texas Intermediate (WTI) crude oil gained US$2.47 at US$66.30/barrel. Western Canadian Select (WCS) crude oil jumped by US$2.09 to US$54.74/barrel.

After newly released data revealed a higher-than-predicted rise in new jobs and a declining unemployment rate in the U.S., the TSX Composite Index rebounded on Friday, increasing by 255.24 points at 18,380.96.
Gold gained US$1.85 at US$1,699.37 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries up $ 0.15 at $ 3.40
Linamar Corp. up $ 1.42 at $ 72.35
Maple Leaf Foods up $ 0.62 at $ 25.87
Nutrien Ltd. up $ 1.65 at $ 69.03
Ritchie Bros Auctioneers Inc. up $ 3.93 at $ 68.75

(All figures are in Canadian dollars.)

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