Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Feb. 25 (MarketsFarm) – The Canadian dollar advanced well above 78 U.S. cents on Friday, as the United States dollar pulled back.
The loonie closed at US$0.7845 or US$1=C$1.2747, compared to Thursday’s close of US$0.7793 or US$1=C$1.2832.
On the U.S. Dollar Index, the greenback gave up 0.573 of a point at 96.545, which allowed other major world currencies to gain strength.
Russia’s continued advance through Ukraine was still at the top of the minds in the market. Despite the vocal protestations from Western leaders, including U.S. President Joe Biden, there won’t be any crippling economic sanctions against Russia’s cash cow resource – crude oil. Biden argued that higher crude prices would be beneficial to Russian coffers.
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In turn, benchmark crude oil prices were slight lower on Friday, seeing Brent crude oil lose 61 cents at US$98.47 per barrel. West Texas Intermediate (WTI) crude oil gave up 76 cents at US$92.05 per barrel. Western Canadian Select (WCS) dropped 96 cents at US$79.67 per barrel.
The TSX Composite Index surged upward on Friday, gaining 344.07 points to finish at 21,106.00.
However, gold lost US$35.60 at US$1,890.70 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.01
Farmers Edge Inc. dn $ 0.19 at $ 3.60
Linamar Corp. up $ 0.80 at $ 66.75
Maple Leaf Foods up $ 0.13 at $ 28.02
Nutrien Ltd. up $ 3.98 at $103.17
Ritchie Bros Auctioneers Inc. dn $ 0.33 at $ 66.30
(All figures are in Canadian dollars.)
