Canadian Financial Close: Loonie inches close to 75 U.S. cents

By MarketsFarm

WINNIPEG, July 29 (MarketsFarm) – The Canadian dollar was slightly higher on Wednesday, due to continued weakness in the United States dollar, as well as gains in crude oil and the stock markets.

The loonie finished at US$0.7485 or US$1=C$1.3360, compared to Tuesday when it closed at US$0.7478 or US$1=C$1.3373.

The U.S. dollar lost 0.40 per cent on its index, which compares it to six other major world currencies. The greenback dropped to 93.285.

Benchmark crude oil prices were higher on Wednesday, after the U.S. Energy Information Administration reported a 10.6 million barrel crop in the country’s oil inventories. It’s the last single week drawdown since December and stocks were at 526.0 million barrels. The gains were stymied by the continuing spread of COVID-19, which has the markets worried that another economic slowdown could be on the horizon.

Brent crude oil gained 56 cents at US$43.78 per barrel. West Texas Intermediate (WTI) crude oil increased 24 cents at US$41.28 per barrel. Western Canadian Select (WCS) crude oil inched upward five cents at US$31.51 per barrel.

After starting the day lower, gold rose US$10.48 on Wednesday to finish at US$1,968.90 per ounce.

The TSX Composite Index was up 173.34 points on Wednesday at 16,294.66.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.83
Linamar Corp. up $ 1.37 at $ 41.77
Maple Leaf Foods up $ 0.14 at $ 27.73
Nutrien Ltd. up $ 0.47 at $ 44.73
Ritchie Bros Auctioneers Inc. up $ 1.21 at $ 60.78
Rocky Mountain Dealerships Inc. up $ 0.52 at $ 4.35
(All figures are in Canadian dollars.)

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