Canadian Financial Close: Loonie, crude oil retreat

Glacier FarmMedia MarketsFarm – The Canadian dollar took a small step back on Monday.

The loonie closed at US$0.7368 or US$1=C$1.3572, compared to US$0.7372 or US$1=C$1.3564 on Friday. The Bank of Canada (BoC) is expected to hold its key interest rate steady when making its policy announcement on Wednesday. Finance Minister Chrystia Freeland announced earlier today she will present the federal budget on April 16.

The United States Dollar Index was down 0.02 of a point at 103.84.

Crude oil prices dropped on Monday despite OPEC+ deciding last weekend to extend voluntary production cuts until the end of June. Brent crude oil declined US$0.74 at US$82.81 per barrel. West Texas Intermediate (WTI) fell US$1.24 at US$78.73/barrel.

The TSX/S&P Composite Index was down 21.28 points at 21,531.07.

Gold jumped US$28.80 at US$2,124.50 per ounce, after hitting an all-time high at US$2,126.50 on speculation the U.S. Federal Reserve will announce cuts to its key interest rates later this week.

Canada’s agricultural sector fared as follows:

Buhler Ind.                      unchanged      at $  2.17

Farmer’s Edge Inc.               unchanged      at $  0.345

Linamar Corp.                    dn  $ 2.10     at $ 63.67

Maple Leaf Foods                 dn  $ 0.26     at $ 22.73

Nutrien Ltd.                     dn  $ 1.68     at $ 69.16

RB Global Inc.                   dn  $ 0.61     at $103.38

(All figures are in Canadian dollars.)