Canadian Financial Close: Loonie peaks over 80 U.S. cents, pulls back

By MarketsFarm

WINNIPEG, Feb. 25 (MarketsFarm) – The Canadian dollar closed a little higher on Thursday, after pushing above 80 U.S. cents before settling back.

The loonie finished at US$0.7981 or US$1=C$1.2530, compared to Wednesday’s close of US$0.7969 or US$1=C$1.2548.

The surge in the Canadian dollar was curtailed by increased bond yields. In following United States bond yields, those in Canada rose by more than 14 basis points to finish at 1.457 per cent, the best levels since January 2020.

Those higher yields also saw equity markets take a hit. The TSX Composite Index dropped 260.99 points on Thursday to finish at 18,223.54.

Benchmark crude oil prices were mixed on Thursday, just as production began to ramp up in Texas. With four months of gains, there are worries in the market that the higher prices will encourage producers to increase their output.

Brent crude oil was down 12 cents at US$66.92 per barrel. West Texas Intermediate (WTI) crude oil was up 23 cents at US$63.45/barrel. Western Canadian Select (WCS) slipped 11 cents at US$52.39/barrel

Gold fell US$27.00 at US$1,770.90 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 3.22
Linamar Corp. dn $ 1.35 at $ 69.30
Maple Leaf Foods up $ 1.85 at $ 25.60
Nutrien Ltd. dn $ 0.45 at $ 70.20
Ritchie Bros Auctioneers Inc. up $ 1.06 at $ 69.08
(All figures are in Canadian dollars.)

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