Canadian Financial Close: Loonie slides back ahead of weekend

Cdn. economy adds nearly 1 million jobs

By MarketsFarm

WINNIPEG, July 10 (MarketsFarm) – The Canadian dollar fell on Friday despite a Statistics Canada report that said nearly one million jobs were added to the country’s economy in June.

The loonie finished at US$0.7356 or US$1=C$1.3594, compared to Thursday when it closed at US$0.7377 or US$1=C$1.3555.

The jobs report saw the TSX Composite Index rise 145.18 points on Friday, to close at 15,713.82.

Benchmark crude oil prices were slightly higher on Friday, following a report from the International Energy Agency that boosted its demand forecast to 92.1 million barrels per day, for a gain of 400,000 from its previous estimate. However, those price increases were tempered by the continued surge of COVID-19 cases in the United States. On Friday the U.S. was close to 3.16 million reported cases, with nearly 134,000 deaths and just over 969,000 recoveries, while there were 2.19 million active cases.

Brent crude oil was up 81 cents at US$43.16 per barrel. West Texas Intermediate (WTI) crude oil gained 87 cents at US$40.49 per barrel. Western Canadian Select (WCS) increased US$1.20 at US$32.28 per barrel.

Gold retreated US$4.97 at US$1,798.58 per ounce, after it toyed with record highs on Thursday.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.47
Linamar Corp. up $ 0.90 at $ 37.73
Maple Leaf Foods unchanged at $ 27.71
Nutrien Ltd. up $ 0.66 at $ 43.16
Ritchie Bros Auctioneers Inc. up $ 0.22 at $ 56.26
Rocky Mountain Dealerships Inc. unchanged at $ 4.19
(All figures are in Canadian dollars.)

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