By MarketsFarm
WINNIPEG, May 14 (MarketsFarm) – The Canadian dollar was slightly lower on Thursday, following the Bank of Canada’s review of the country’s financial systems and a Statistics Canada report on manufacturing sales.
The loonie finished the day at US$0.7097 or US$1=C$1.4090, compared to Wednesday when it closed at US$0.7106 or US$1=C$1.4073.
The Bank of Canada reported its measures over the last two month helped Canadians and business weather the downturn caused by the COVID-19 pandemic for the short term. However, the central bank is concerned the long-term could see strains on liquidity and rising household debt.
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Meanwhile, Statistics Canada said manufacturing sales in March hit an 11-year low, dropping more than nine per cent as lockdown measures closed or slowed production across the country.
The TSX Composite Index recovered from earlier losses in the session for a slight gain of 6.45 points, to close at 14,509.66.
Benchmark crude oil prices were higher on Thursday, after the International Energy Agency (IEA) reported that global stockpiles are forecast to decrease during the second half of 2020. The IEA projected those inventories to drop by 5.5 million barrels per day during the second half.
Brent crude oil gained US$2.07 close at US$31.26 per barrel. West Texas Intermediate (WTI) crude oil rose US$2.49 at US$27.78 per barrel. Western Canadian Select (WCS) was up US$2.21 at US$23.37 per barrel.
Gold was up US$15.39 at US$1,731.67 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.65
Linamar Corp. dn $ 0.03 at $ 31.84
Maple Leaf Foods up $ 0.07 at $ 25.98
Nutrien Ltd. up $ 0.18 at $ 44.30
Ritchie Bros Auctioneers Inc. dn $ 0.74 at $ 57.08
Rocky Mountain Dealerships Inc. up $ 0.04 at $ 4.05
(All figures are in Canadian dollars.)
