Canadian Financial Close: Loonie jumps above 73 U.S. cents
Greenback takes a tumble
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was stronger on Monday, as its United States counterpart fell back and despite significant losses in crude oil.
The loonie closed at US$0.7325 or US$1=C$1.3651, compared to Friday’s finish of US$0.7296 or US$1=C$1.3707. On the U.S. Dollar Index, the greenback dropped 0.582 of a point at 101.725, hitting a seven-and-a-half month low.
Benchmark crude oil prices dropped on Monday due to China’s sluggish economy. However tensions in the Middle East could spark a sharp turnaround.
Brent crude oil lost US$1.87 at US$77.81 per barrel and West Texas Intermediate fell US$2.19 at US$74.46.
The TSX Composite Index slipped 61.78 points on Monday to close at 23,116.39.
Gold was up US$5.20 at US$2,543.00 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.40 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 0.59 at $ 62.89 Maple Leaf Foods up $ 0.11 at $ 22.95 Nutrien Ltd. up $ 0.52 at $ 64.58 RB Global Inc. up $ 0.76 at $113.35
(All figures are in Canadian dollars)
