Canadian Financial Close: Loonie jumps half a cent

By Commodity News Service Canada

WINNIPEG, July 14 (CNS) – The Canadian dollar rose roughly half a cent on Friday, hitting its highest point relative to its US counterpart, in 13 months.

Weak economic data out of the US this morning prompted traders to shy away from the greenback. US retail sales dropped 0.2% in June, which weighed down the US dollar.

The loonie also saw more interest today as the Bank of Canada’s decision to hike the interest rate seems to be in the rearview mirror.

Canadian bonds climbed on Friday, tracking US Treasuries. The 10-year bond was yielding at 1.896% from 1.911%.

The Canadian dollar ended Friday at US$0.7891 cents or C$1.2672, compared to Thursday’s close of US$0.7847 or C$1.2743.

In Toronto, the S&P/TSX Composite Index rose 39.81 points, or 0.26%, to 15,174.81.

The market took strength from Canada’s commodity sector, which was higher in several sectors. Crude oil, gold bullion and natural gas also gained in a busy day of trading.

The materials group advanced 0.7% as several mining companies ended the day higher. Kinross rose 2.3%, while Barrick climbed 1.2%.

Rising crude prices elevated the energy sector by 0.2%.

Canada’s agricultural sector performed as follows:

AGT Food and Ingredients—–up $ 0.51 at $ 25.34
Agrium Incorporated———-up $ 1.17 at $124.69
Buhler Industries————– $ 0.00 at $ 4.23
Maple Leaf Foods————-up $ 0.14 at $ 32.80
Potash Corp. of Sask———up $ 0.21 at $ 22.41

(All figures are in Canadian dollars.)


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