Canadian Financial Close: Canadian dollar remains strong

WINNIPEG, July 11 (MarketsFarm) – The Canadian dollar was slightly up at market close on Thursday.

The dollar finished the day at US$0.7651 or US$1=C$1.3071, which compares with Wednesday’s close of US$0.7638 or US$1=C$1.3092.

Canada’s main stock index, the Toronto Stock Exchange, moved lower at market close, but the Dow Jones industrial average inched over 27,000 for the first time in history. The impressive showing comes on the heels of comments from Federal Reserve Chair Jerome Powell that indicated to market participants that interest rate cuts are imminent.

The TSX Composite Index closed lower by 35.39 points at 16,527. The S&P 500 gained 6.84 to close at 2,999.91. Similarly, the Dow Jones gained 227.88 to finish at 27,088.08. The NASDAQ lost 6.49 to finish at 8,196.04.

Benchmark oil prices were higher on Thursday after OPEC announced its forecast for lower demand for crude oil in 2020. Brent crude oil was up by US$1.95 to close at US$66.11 per barrel. West Texas Intermediate (WTI) crude oil gained US$1.72 cents to close at US$59.55 per barrel.

Canada’s agricultural sector fared as follows:

Buhler Industries unch at $ 3.81
Linamar Corp. dn $ 0.43 at $ 44.62
Maple Leaf Foods unch $ 29.20
Nutrien Ltd. dn $ 0.96 at $ 65.30
Ritchie Bros Auctioneers Inc. up $ 0.23 at $ 44.13
Rocky Mountain Dealerships Inc. dn $ 0.14 at $ 7.64
(All figures are in Canadian dollars.)

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