Canadian Financial Close: Oil pushes loonie lower

By MarketsFarm

WINNIPEG, July 30 (MarketsFarm) – The Canadian dollar dropped four-tenths of a cent on Thursday due to weakness in crude oil.

The loonie finished at US$0.7445 or US$1=C$1.3432, compared to Wednesday when it closed at US$0.7485 or US$1=C$1.3360.

Benchmark crude oil prices were lower on Thursday, following a Department of Commerce report that stated the United States gross domestic product plummeted by a record 32.9 per cent in the second quarter of 2020. Also, the markets were rankled after President Donald Trump suggested the U.S. elections in November could be postponed.

Brent crude oil was down 51 cents at US$43.24 per barrel. West Texas Intermediate (WTI) crude oil lost 97 cents at US$40.30 per barrel. Western Canadian Select (WCS) crude oil fell US$1.34 at US$30.17 per barrel.

Gold dropped US$17.07 on Thursday to finish at US$1,953.72 per ounce, backing away from record highs.

The TSX Composite Index was flat on Thursday, with a gain of 4.63 to finish at 16,299.29.

Canada’s agricultural sector fared as follows:

Buhler Industries dn $ 0.13 at $ 2.70
Linamar Corp. dn $ 0.14 at $ 41.63
Maple Leaf Foods up $ 1.49 at $ 29.22
Nutrien Ltd. up $ 0.10 at $ 44.83
Ritchie Bros Auctioneers Inc. up $ 1.45 at $ 62.23
Rocky Mountain Dealerships Inc. unchanged at $ 4.35
(All figures are in Canadian dollars.)

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