WINNIPEG – The Canadian dollar fell to its lowest level in eight weeks on Friday against a strengthening United States dollar.
The loonie was at US$0.8052 or US$1=C$1.2419 on Friday, down from Thursday’s close at US$0.8103 or US$1=C$1.2341. Meanwhile, the U.S. Dollar Index jumped 0.39 points at 92.28. On Wednesday, United States Federal Reserve Chair Jerome Powell announced the central bank is projecting two key interest rate increases by the end of 2023.
Benchmark crude oil prices rebounded on Friday one day after losing ground. Brent crude oil increased US$0.29 per barrel to US$73.37. West Texas Intermediate (WTI) crude oil gained US$0.58 to US$71.62/barrel. Western Canadian Select (WCS) crude oil jumped US$1.04 to US$58.10/barrel.
The TSX Composite Index dropped below the 20,000-point mark, falling 146.96 points to 19,997.08. Earlier today, St. Louis Federal Reserve President James Bullard made comments that inflation was stronger than anticipated and interest rate increases may occur sooner than what the Fed had indicated.
Gold dropped US$10.14 per ounce to US$1,763.37.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.39
Farmer’s Edge Inc. up $ 0.54 at $ 12.11
Linamar Corp. dn $ 0.90 at $ 76.15
Maple Leaf Foods dn $ 0.41 at $ 25.88
Nutrien Ltd. dn $ 0.66 at $ 72.49
Ritchie Bros Auctioneers Inc. up $ 0.41 at $ 73.31
(All figures are in Canadian dollars.)