WINNIPEG – The Canadian dollar was slightly higher on Thursday due to a weakening United States dollar after news of slowed economic growth.
The loonie was at US$0.8098 or US$1=C$1.2349 on Thursday, up slightly from Wednesday’s price of US$0.8092 or US$1=C$1.2358. The U.S. Commerce Department reported on Thursday that the country’s gross domestic product increased only two per cent during the third quarter, compared to 6.7 per cent in the second. It was the slowest rate of growth since the second quarter of 2020 at the beginning of the COVID-19 pandemic.
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The U.S. Dollar Index declined 0.44 of a point to 93.37.
Benchmark crude oil prices were mixed on Thursday. Brent crude oil dipped four cents per barrel to US$84.54. Meanwhile, West Texas Intermediate (WTI) crude oil increased US$0.51 to US$83.17/barrel. Western Canadian Select (WCS) crude oil jumped US$1.38 to US$67.36/barrel.
The TSX/S&P Composite Index rose on news of higher earnings from Apple, Amazon and Tesla, surging 242.55 points to 21,197.53.
Gold increased US$1.78 per ounce to US$1,798.59.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.02 at $ 3.22
Farmer’s Edge Inc. up $ 0.17 at $ 5.05
Linamar Corp. up $ 1.82 at $ 68.92
Maple Leaf Foods up $ 0.04 at $ 26.89
Nutrien Ltd. up $ 0.24 at $ 86.60
Ritchie Bros Auctioneers Inc. up $ 0.64 at $ 83.85
(All figures are in Canadian dollars.)
