Canadian Financial Close: Loonie dips below 74 U.S. cents
Canadian businesses expecting tougher times in first quarter
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar eased back on Monday, despite declines in the United States dollar and upticks in crude oil prices.
The Canadian dollar closed at US$0.7399 or US$1=C$1.3515, compared to Friday’s finish of US$0.7411 or US$1=C$1.3494. On the U.S. Dollar Index, the greenback slipped 0.154 of a point at 103.705.
Benchmark crude oil prices were higher on Monday, after Yemen-based Houthi rebels launched more attacks on vessels transiting the Red Sea. Brent crude oil added US1.01 at US$82.63 per barrel, and West Texas Intermediate gained US$1.17 at US$77.66.
A Bloomberg report said Western Canadian Select is set to increase in price as the expanded Trans Mountain pipeline comes online. That higher price would close the gap between WCS and WTI from more than $17 per barrel than less than $10.
A Statistics Canada survey on business conditions for the first quarter of 2024, found that almost 74 per cent said they expect to face cost-related obstacles over the next three months. More than 55 per cent said inflation will be one of those obstacles.
The TSX Composite Index gave up 88.84 points on Monday to close at 21,324.31.
Gold lost US$7.60 at US$2,041.80 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.17 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.95 at $ 66.58 Maple Leaf Foods dn $ 0.40 at $ 22.62 Nutrien Ltd. up $ 0.44 at $ 72.35 RB Global Inc. up $ 0.60 at $104.12
(All figures are in Canadian dollars)
