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Canadian Financial Close: Loonie takes a tumble

Higher bind yields force drop in dollar

Posted by Glen Hallick, MarketsFarm

WINNIPEG, Feb. 26 (MarketsFarm) – The Canadian dollar plummeted by nearly a full cent on Friday, as investor sentiment waned on this week’s spike in bond yields.

The loonie finished at US$0.7883 or US$1=C$1.2685, compared to Thursday’s close of US$0.7981 or US$1=C$1.2530.

Benchmark crude oil prices were lower on Thursday, as the United States dollar gained strength and the expectation the OPEC+ alliance will choose increase oil supplies at their meeting next week.

Brent crude oil was down 75 cents at US$66.13 per barrel. West Texas Intermediate (WTI) crude oil lost US$1.85 at US$61.68/barrel. Western Canadian Select (WCS) dropped US$1.80 at US$50.68/barrel.

The TSX Composite Index decreased for a second day, losing 163.28 points on Thursday to finish at 18,060.26.

Gold dropped US$46.10 at US$1,729.30 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries dn $ 0.16 at $ 3.06
Linamar Corp. up $ 1.81 at $ 71.11
Maple Leaf Foods up $ 0.78 at $ 26.38
Nutrien Ltd. dn $ 1.51 at $ 68.69
Ritchie Bros Auctioneers Inc. up $ 0.37 at $ 69.45
(All figures are in Canadian dollars.)

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