Canadian Financial Close: Loonie firm
Questions swirl around fed’s fiscal update
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar was relatively steady on Monday, with losses in the United States dollar and crude oil countering each other.
The loonie closed Monday at US$0.7023 or US$1=1.4239, compared to Friday’s finish of US$0.7027 or US$1=1.4231. On the U.S. Dollar Index, the greenback dipped 0.079 of a point at 106.605.
Benchmark crude oil prices stepped back on Monday, due to lower-than-expected consumer spending in China and investors biding their time before Wednesday’s interest announcement by the U.S. Federal Reserve.
Brent crude oil gave up 69 cents at US$73.80 per barrel and West Texas Intermediate was down 70 cents at US$70.59.
Following the sudden resignation of Chrystia Freeland from the federal cabinet this morning, the latest reports suggested Public Safety Minister Dominic LeBlanc is to replace her at finance. Meanwhile, government House Leader Karina Gould presented the fall economic statement in the House of Commons. Gould said spending is to increase by C$20 billion and the deficit is to grow to C$61.9 billion.
The TSX Composite Index lost 127.09 points on Monday to close at 25,147.21.
Gold gave up US$7.00 at US$2,668.80 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.06 at $ 2.95 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 1.11 at $ 59.70 Maple Leaf Foods dn $ 0.36 at $ 21.52 Nutrien Ltd. dn $ 1.79 at $ 66.84 RB Global Inc. up $ 0.27 at $135.34
(All figures are in Canadian dollars)
