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Canadian Financial Close: Loonie closes higher on oil and stocks

Winnipeg, MB, January 12, 2018 (CNS Canada), Jan 12, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

WINNIPEG, Jan. 12 - The Canadian dollar increased slightly at close Friday, as increases in the price of oil and the stock market supported it.

The Canadian dollar settled Friday at US$0.7997 or C$1.2504, compared to Thursday's North American close of US$0.7978 or C$1.2535.

Canada welcomed United States President Donald Trump's suggestion Friday that talks to modernize NAFTA could be extended beyond the end of March deadline, a move which could help break a deadlock in the negotiations. Trump told the Wall Street Journal Thursday that "a lot of things are hard to negotiate" ahead of a Mexican presidential election in July.

Oil prices rose for a sixth straight day Friday, after Russia's oil minister said global crude supplies were "not balanced yet," alleviating market concerns about a wind-down of the Organization of the Petroleum Exporting Countries led deal to reduce production. Brent crude futures rose 61 cents to settle at US$69.87 per barrel.

In Toronto, the TSX/S&P Composite Index rose slightly Friday, as rising gold miners, lumber companies and other resource stocks offset sharp losses for cannabis producers. The TSX/S&P gained 21.24 points, or 0.13 per cent, to close at 16,308.18.

     Canada's agricultural sector performed as follows:
     AGT Food and Ingredients-----dn  $ 0.08    at $ 21.62
     Buhler Industries------------unchanged     at $  4.60
     Maple Leaf Foods-------------dn  $ 0.18    at $ 34.04
     Nutrien Ltd.-----------------up  $ 0.01    at $ 66.64

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