Canadian Financial Close: Loonie firm amid trade deficit

OPEC+ meeting back on - maybe

By MarketsFarm

WINNIPEG, June 4 (MarketsFarm) – The Canadian dollar was virtually unchanged on Thursday, as pressure from poor trade data was countered by small gains in global crude oil.

The loonie finished the day at US$0.7403 or US$1=C$1.3508, compared to Tuesday when it closed at US$0.7405 or US$1=C$1.3504.

Statistics Canada reported the country had a trade deficit of C$3.25 billion in April as exports fell almost 30 per cent to C$32.7 billion for the lowest in 10 years.

Benchmark crude oil prices were steady to higher on Thursday after the OPEC+ alliance agreed to have a meeting sometime during this weekend to discuss extending production cuts, according to Reuters.

Brent crude oil gained 15 cents at US$39.94 per barrel. West Texas Intermediate (WTI) crude oil was unchanged at US$37.29 per barrel. Meanwhile, Western Canadian Select (WCS) was down 44 cents at US$27.79 per barrel.

The TSX Composite Index lost 47.24 points on Thursday, to close at 15,527.87.

Gold was up US$13.13 at US$1,712.80 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.49
Linamar Corp. dn $ 0.31 at $ 41.28
Maple Leaf Foods dn $ 0.10 at $ 25.57
Nutrien Ltd. dn $ 1.23 at $ 49.54
Ritchie Bros Auctioneers Inc. up $ 0.28 at $ 58.28
Rocky Mountain Dealerships Inc. up $ 0.04 at $ 4.98
(All figures are in Canadian dollars.)

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