Compiled by Glen Hallick, MarketsFarm
WINNIPEG, June 10 (MarketsFarm) – The Canadian dollar tumbled on Friday as the United States dollar surged upward and crude oil prices slid further. However, improvements to Canada’s rate of unemployment helped to temper further declines.
The loonie closed at US$0.7827 or US$1=C$1.2777, compared to Thursday’s close of US$0.7909 or US$1=C$1.2544.
On the U.S. Dollar Index, the greenback jumped 0.999 of a point at 104.080.
Statistics Canada reported the country’s unemployment rate fell to 5.1 per cent in May, the lowest level since 1976.
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Benchmark crude oil prices pulled back on Friday, due to rising inflation in the U.S.
Brent crude oil lost US$1.27 at US$121.80 per barrel. West Texas Intermediate (WTI) crude oil gave up US$1.10 at US$120.41 per barrel. Western Canadian Select (WCS) bumped up 25 cents at US$101.62 per barrel.
With heavy pressure from declining U.S. markets, the TSX Composite Index lost 289.07 points to finish Friday at 20,274.82.
Gold gained US$21.80 at US$1,874.60 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.40
Farmers Edge Inc. dn $ 0.16 at $ 1.99
Linamar Corp. dn $ 1.42 at $ 56.25
Maple Leaf Foods dn $ 0.70 at $ 26.72
Nutrien Ltd. dn $ 2.90 at $110.41
Ritchie Bros Auctioneers Inc. dn $ 0.55 at $ 76.38
(All figures are in Canadian dollars.)
