Compiled by Glen Hallick, MarketsFarm
WINNIPEG, April 22 (MarketsFarm) – The Canadian dollar lost in excess of a penny on Friday, due to the increased strength of its United States counterpart and lower crude oil prices.
The loonie closed at US$0.7873 or US$1=C$1.2702, compared to Thursday’s close of US$0.7981 or US$1=C$1.2529.
Bank of Canada Governor Tiff Macklem suggested on Thursday that the central bank is likely to hike its key interest rate by 75 basis points come June. To help tackle rising inflation in Canada, such a move would bring the rate to 1.75 per cent.
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On the United States Dollar Index, the greenback increased 0.501 of a point at 101.115.
Benchmark crude oil prices were weaker on Friday, as COVID-19 lockdown measures in China continued to raise concerns about its demand.
Brent crude oil declined US$2.69 at US$105.64 per barrel. West Texas Intermediate (WTI) crude oil decreased US$2.63 at US$101.16 per barrel. Western Canadian Select (WCS) lost US$2.39 at US$89.18 per barrel.
The TSX Composite Index pulled back on Friday, losing 464.03 points to finish at 21,186.38.
Gold was down US$13.80 at US$1,934.40 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.67
Farmers Edge Inc. dn $ 0.15 at $ 2.80
Linamar Corp. dn $ 0.52 at $ 50.39
Maple Leaf Foods dn $ 0.20 at $ 27.88
Nutrien Ltd. dn $ 3.71 at $132.07
Ritchie Bros Auctioneers Inc. dn $ 0.76 at $ 70.51
(All figures are in Canadian dollars.)
