By MarketsFarm
WINNIPEG, July 23 (MarketsFarm) – The Canadian dollar was slightly higher on Thursday as the United States dollar continued to lose ground to other major world currencies.
The loonie finished at US$0.7467 or US$1=C$1.3392, compared to Wednesday when it closed at US$0.7452 or US$1=C$1.3420.
The U.S. greenback gave up 0.16 per cent to finish at 94.770. A rise in the U.S. unemployment rate was largely responsible for the weakness.
Also, the Canadian dollar was buoyed by a report from S&P Global Ratings that maintained Canada’s AAA credit rating.
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Benchmark crude oil prices were lower on Thursday, as the burgeoning number of COVID-19 cases in the United States passed 4 million. Within the markets there have been growing concerns that could lead to reinstituting lockdown measures throughout the country.
Brent crude oil dropped US$1.05 at US$43.24 per barrel. West Texas Intermediate (WTI) crude oil fell 92 cents at US$40.98 per barrel. Western Canadian Select (WCS) lost 84 cents at US$31.53 per barrel.
Gold was up US$15.01 at US$1,886.42 per ounce.
The TSX Composite Index dropped 152.41 points on Thursday to close at 16,018.65.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.04 at $ 2.79
Linamar Corp. dn $ 0.17 at $ 40.64
Maple Leaf Foods up $ 0.08 at $ 27.23
Nutrien Ltd. up $ 0.09 at $ 44.49
Ritchie Bros Auctioneers Inc. dn $ 0.66 at $ 59.69
Rocky Mountain Dealerships Inc. up $ 0.03 at $ 3.90
(All figures are in Canadian dollars.)
