Canadian Financial Close: Loonie continues losing ground
Spike in crude oil prices can't reverse dollar's course
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar shed more ground on Monday, as its United States counterpart was relatively steady and despite sharp upticks in crude oil.
The loonie closed at US$0.7348 or US$1=C$1.3609, compared to Friday’s finish of US$0.7365 or US$1=C$1.3577. On the U.S. Dollar Index, the greenback dipped 0.020 of a point at 102.255.
Benchmark crude oil prices increased on Monday propelled by continuing fears of a wider Middle East conflict.
Brent crude oil advanced US$3.04 at US$81.09 per barrel and West Texas Intermediate gained US$2.97 at US$77.35.
The TSX Composite Index gave up 60.12 points on Monday to close at 24,102.71.
Gold lost US$5.20 at US$2,662.60 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.40 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.66 at $ 64.00 Maple Leaf Foods dn $ 0.56 at $ 21.87 Nutrien Ltd. dn $ 0.01 at $ 67.61 RB Global Inc. dn $ 0.70 at $109.47
(All figures are in Canadian dollars)
