Canadian Financial Close: Loonie steps back a little

WCS down, COVID-19 cases rising

By MarketsFarm

WINNIPEG, Nov. 19 (MarketsFarm) – The Canadian dollar was lower on Thursday, due to weaker domestic crude oil prices and market concerns over the growing number of COVID-19 cases in the country. Declines were limited by a relatively steady United States Dollar Index coupled with small gains in major world benchmark crude oils.

The dollar finished at US$0.7644 or US$=C$1.3083 compared to Wednesday’s close of US$0.7655 or US$1=C$1.3063.

The U.S. Dollar Index slipped 0.076 at 92.240 points, failing to gain any traction on other major world currencies.

Benchmark crude oil prices were largely steady on Thursday, with support coming from news that the United States Congress could restart economic stimulus talks that failed prior to the election. However, new COVID-19 restrictions and an increase in U.S. unemployment weighed on values.

Brent crude oil gained one cent at US$44.35 per barrel. West Texas Intermediate (WTI) crude oil rose nine cents at US$41.91 per barrel. Meanwhile, Western Canadian Select (WCS) crude oil lost US$2.13 at US$30.47 per barrel.

The TSX Composite Index had a small increase of 19.99 points on Thursday to finish at 16,909.81.

Gold was down US$5.17 at US$1,867.06 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.31
Linamar Corp. dn $ 0.81 at $ 60.20
Maple Leaf Foods dn $ 0.06 at $ 25.37
Nutrien Ltd. up $ 0.51 at $ 58.53
Ritchie Bros Auctioneers Inc. up $ 1.60 at $ 84.79
Rocky Mountain Dealerships Inc. dn $ 0.02 at $ 7.01
(All figures are in Canadian dollars.)

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