WINNIPEG – The Canadian dollar continued its recent downturn on Thursday.
The loonie was at US$0.7849 or US$1=C$1.2741 on Thursday, down from Wednesday’s close of US$0.7863 or US$1=C$1.2717.
The United States Dollar Index was down 0.11 of a point to 96.29. The U.S. 2-Year Treasury Yield hit 0.88 per cent on Thursday, its highest level since February 2020 as investors anticipate the Federal Reserve to raise interest rates in the coming months.
Benchmark crude oil prices also rose on Thursday as political unrest in Kazakhstan and lower stockpiles outweighed the effect of the Omicron COVID-19 variant on the markets. Brent crude oil jumped US$1.16 per barrel to US$81.96. West Texas Intermediate (WTI) crude oil surged US$1.63 to US$79.48/barrel. Western Canadian Select (WCS) crude oil climbed US$2.12 at US$67.31/barrel.
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The TSX/S&P Composite Index, which fell 196.64 points on Wednesday, made a slight recovery by adding 32.54 points at 21,072.20.
Gold plunged due to higher U.S. Treasury Yields and the potential of higher interest rates, losing US$37.30 per ounce to US$1,787.80.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.25
Farmer’s Edge Inc. dn $ 0.02 at $ 3.17
Linamar Corp. up $ 1.37 at $ 79.07
Maple Leaf Foods up $ 0.30 at $ 29.05
Nutrien Ltd. dn $ 1.18 at $ 88.14
Ritchie Bros Auctioneers Inc. dn $ 0.18 at $ 77.35
(All figures are in Canadian dollars.)
