Canadian Financial Close: Loonie pulls back
Crude rises on Trump rhetoric
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar lost about a third of a cent on Monday despite strong gains in crude oil.
The loonie closed Monday at US$0.6956 or US$1=C$1.4376, compared to Friday’s finish of US$0.6990 or US$1=C$1.4307. On the U.S. Dollar Index, the greenback added 0.146 of a point at 103.855.
Benchmark crude oil prices strengthened on Monday due to possible supply disruptions should U.S. President Donald Trump follow thru on his threats to slap tariffs on the buyers of Russian oil and to bomb Iran should it refuse to make a deal on its nuclear program.
Brent crude oil rose US$1.11 at US$74.74 per barrel and West Texas Intermediate advanced US$2.00 at US$71.36.
The TSX Composite Index climbed 158.35 points on Monday, closing at 24,917.50.
Gold jumped US$42.30 at US$3,156.60 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.02 at $ 7.29 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 0.35 at $ 49.85 Maple Leaf Foods up $ 0.15 at $ 25.07 Nutrien Ltd. dn $ 0.32 at $ 71.42 RB Global Inc. up $ 4.26 at $144.43
(All figures are in Canadian dollars)
