Canadian Financial Close: Loonie pulls back
Greenback adds more strength
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar dropped almost a quarter of a cent on Monday in the face of a stronger United States dollar and little direction from crude oil.
The loonie closed at US$0.7114 or US$1=C$1.4056 compared to Friday’s finish of US$0.7138 or US$1=1.4010. On the U.S. Dollar Index, the greenback advanced 0.532 of a point at 106.360.
Benchmark crude oil prices were a pinch higher on Monday, as almost all of the upward momentum gained from improvements in China’s economy were countered by concerns the U.S. Federal Reserve might not cut its key rates later this month.
Brent crude oil tacked on four cents at US$71.88 per barrel and West Texas Intermediate bumped up 12 cents at US$68.12.
The TSX Composite Index eased back 57.67 points on Monday to close at 25,590.33.
Gold was down US$19.00 at US$2,662.00 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.07 at $ 2.88 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 0.96 at $ 62.43 Maple Leaf Foods dn $ 0.15 at $ 22.60 Nutrien Ltd. up $ 1.69 at $ 67.09 RB Global Inc. dn $ 1.84 at $136.50
(All figures are in Canadian dollars)
