Canadian Financial Close: Loonie, oil prices drop

Source: Canadian Cattlemen

WINNIPEG, March 25 (MarketsFarm) – The Canadian dollar fell on Thursday as oil prices dropped and after the federal government’s carbon tax was ruled constitutional by the Supreme Court of Canada.

The loonie finished at US$0.7933 or US$1=C$1.2606, which is down from US$0.7961 or US$1=C$1.2562 at Wednesday’s close. On the United States Dollar Index, the greenback increased 0.36 to 92.88 points.

Benchmark crude oil prices dropped on Thursday due to rising crude oil inventories in the U.S. Brent crude oil declined by US$2.62 per barrel to US$61.79. West Texas Intermediate (WTI) crude oil sank by US$2.71 at US$58.47/barrel. Western Canadian Select (WCS) crude oil retreated by US$2.14 to US$48.17/barrel.

The TSX Composite Index improved on Thursday, moving up 22.81 points to 18,651.10.

Gold fell US$7.05 to US$1,727.64 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries dn $ 0.05 at $ 3.27
Linamar Corp. up $ 0.26 at $ 74.70
Maple Leaf Foods dn $ 0.46 at $ 27.73
Nutrien Ltd. up $ 0.96 at $ 69.42
Ritchie Bros Auctioneers Inc. up $ 0.78 at $ 72.00

(All figures are in Canadian dollars.)