WINNIPEG, April 2 (MarketsFarm) – The Canadian dollar was higher on Thursday due to strong gains in crude oil prices.
The dollar finished the day at US$0.7053 or US$1=C$1.4179, compared to Wednesday when it closed at US$0.7034 or US$1=C$1.4217.
Benchmark crude oil prices were higher on Thursday, on reports that U.S. President Donald Trump said Saudi Arabia and Russia were close to a deal to end their crude oil price war. Although Trump tweeted about it, no official source has publicly confirmed the deal, including the White House. However, Saudi Arabia did call an emergency meeting of the OPEC+ alliance, which includes Russia.
Brent crude oil leapt US$5.15 to close at US$29.89 per barrel. West Texas Intermediate (WTI) crude oil jumped US$4.43 at US$24.74 per barrel. Western Canadian Select (WCS) gained US$3.50 at US$8.79 per barrel.
With those gains in oil, the TSX Composite Index increased 221.39 points to close at 13,097.76.
Gold was up US$23.69 at 1,615.20 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.95
Linamar Corp. dn $ 0.01 at $ 27.88
Maple Leaf Foods up $ 0.09 at $ 25.76
Nutrien Ltd. up $ 1.56 at $ 46.52
Ritchie Bros Auctioneers Inc. up $ 1.06 at $ 49.45
Rocky Mountain Dealerships Inc. up $ 0.05 at $ 4.05
(All figures are in Canadian dollars.)