Canadian Financial Close: Loonie climbs a pinch higher
U.S. dollar continues sliding back
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar nudged up on Monday as its United States counterpart weakened. However, gains were capped by losses in crude oil.
The loonie closed on Monday at US$0.7220 or US$1=C$1.3850, compared to Friday’s finish of US$0.7213 or US$1=C$1.3863. On the U.S. Dollar Index, the greenback dropped 0.559 of a point at 98.695.
Benchmark crude oil prices fell back as well on Monday, due to concerns over weakening global demand, as well as the U.S.-China trade war and plans by OPEC+ to increase its output.
Brent crude gave up US$1.08 at US$65.79 per barrel and West Texas Intermediate lost US$1.01 at US$62.01.
The TSX Composite Index added 88.08 points on Monday to close at 23,798.59.
Gold advanced US$62.40 at US$3,360.80.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 7.29 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 0.16 at $ 50.48 Maple Leaf Foods up $ 0.18 at $ 24.84 Nutrien Ltd. up $ 1.86 at $ 76.80 RB Global Inc. dn $ 0.81 at $136.43
(All figures are in Canadian dollars)
