Canadian Financial Close: Loonie holds firm
Greenback, crude oil down hard
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was virtually unchanged on Monday, as declines in crude oil eliminated any support from sharp losses in the United States dollar.
The loonie closed at US$0.7334 or US$1=C$1.3635, compared to Friday’s finish of US$0.7333 or US$1=C$1.3637. On the U.S. Dollar Index, the greenback fell 0.567 a point at 104.060.
Benchmark crude oil prices dropped on Monday, after OPEC+ announced it will take a year to phase out its production cuts, with Saudi Arabia and Russia set to be the last of the alliance members to do so.
Brent crude oil decreased US$2.96 at US$78.15 per barrel and West Texas Intermediate was down US$2.95 at US$74.04.
The Bank of Canada is scheduled to make its next interest rate announcement on Wednesday. Analysts have predicted a rate cut by the central bank.
The TSX Composite Index lost 152.43 points on Monday, to close at 22,116.69.
Gold advanced US$20.90 at US$2,366.70 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.04 at $ 2.19 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 0.05 at $ 71.06 Maple Leaf Foods up $ 0.30 at $ 22.90 Nutrien Ltd. dn $ 1.20 at $ 78.67 RB Global Inc. dn $ 1.97 at $ 97.09
(All figures are in Canadian dollars)
