By MarketsFarm
WINNIPEG, Jan. 29 (MarketsFarm) – The Canadian dollar was higher on Friday, as the country’s economy is expected to improve faster than initially anticipated.
The loonie finished at US$0.7825 or US$1=C$1.2780, compared to Thursday’s close of US$0.7806 or US$1=C$1.2810.
A report from Statistics Canada on Friday said the economy expanded by 0.7 per cent in November, with December growth forecast to be 0.3 per cent. The federal agency pegged fourth quarter annualized growth at 7.8 per cent.
Benchmark crude oil prices were mixed on Friday as slow COVID-19 vaccine rollouts and the surging number of cases worldwide weighed on values. A drop in United States crude oil inventories and coming production cuts in Saudi Arabia were supportive.
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Brent crude oil gained 35 cents at US$55.88 per barrel. West Texas Intermediate (WTI) crude oil was down 18 cents at US$52.16/barrel. Western Canadian Select (WCS) crude oil dropped 49 cents at US$39.08/barrel.
The TSX Composite Index lost 320.18 points on Friday to finish at 17,337.02.
Gold gained US$6.80 at US$1,848.00 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.66
Linamar Corp. dn $ 2.20 at $ 65.28
Maple Leaf Foods dn $ 0.56 at $ 24.99
Nutrien Ltd. dn $ 3.26 at $ 62.98
Ritchie Bros Auctioneers Inc. dn $ 2.14 at $ 75.51
(All figures are in Canadian dollars.)
