WINNIPEG – The Canadian dollar continued its ascent on Thursday.
The loonie was at US$0.8197 or US$1=C$1.2200 on Thursday, up from Wednesday’s close at US$0.8149 or US$1=C$1.2272. Meanwhile, the United States Dollar Index dropped by 0.40 at 90.91 points. This despite the U.S. Labor Department reporting 498,000 jobless claims for the week ending May 1, falling below 500,000 for the first time since the start of the COVID-19 pandemic. The number of job cuts in April was also the fewest since 2000.
Benchmark crude oil prices continued to pull back due to pandemic concerns in India on Thursday. Brent crude oil declined by US$0.74 per barrel to US$68.22. West Texas Intermediate (WTI) crude oil dropped by US$0.78 to US$64.85/barrel. Western Canadian Select (WCS) crude oil lost US$0.40 to US$51.70/barrel.
The Dow Jones reached another record-high on Thursday, but the TSX Composite Index took a step back, slipping back by 19.76 points to 19,290.98.
Gold surged by US$27.95 per ounce to US$1,814.82 as U.S. Treasury bond yields went down.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.66
Farmer’s Edge Inc. dn $ 0.32 at $ 16.68
Linamar Corp. up $ 4.56 at $ 76.08
Maple Leaf Foods dn $ 0.70 at $ 26.68
Nutrien Ltd. dn $ 0.07 at $ 72.44
Ritchie Bros Auctioneers Inc. dn $ 0.12 at $ 80.33
(All figures are in Canadian dollars.)