By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar added nearly a tenth of a cent on Thursday, getting support from increased crude oil prices while the United States dollar was relatively steady.
The loonie finished at US$0.7321 or US$1=C$1.3659, compared to Wednesday’s close of US$0.7312 or US$1=C$1.3677. The U.S. Dollar Index dipped 0.025 of a point at 98.705.
The increase in the Canadian dollar came despite Statistics Canada reporting the country’s trade deficit in April grew to C$7.5 million due to the effects of U.S. tariffs.
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Reports on Thursday said that Prime Minister Mark Carney and U.S. President Donald Trump have been communicating by phone and text in discussing the levies. However, the details of the talks were not released.
Benchmark crude oil prices were moderately higher on Thursday following a phone conversation between Trump and Chinese President Xi Jinping to ease tensions between the two countries.
Brent crude rose 49 cents at US$65.35 per barrel and West Texas Intermediate gained 56 cents at US$63.41.
The TSX Composite Index tacked on 13.29 points on Thursday, closing at 26,342.29.
Gold lost US$18.80 at US$3,380.40.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 7.29 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.47 at $ 61.57 Maple Leaf Foods dn $ 0.04 at $ 27.76 Nutrien Ltd. dn $ 0.13 at $ 82.39 RB Global Inc. up $ 1.16 at $143.85
(All figures are in Canadian dollars)
