Canadian Financial Close: Loonie sheds ground
Crude oil fall back
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar stepped back on Monday due to weakness in crude oil and positioning ahead of Wednesday’s interest rate announcement by the Bank of Canada.
The loonie closed on Monday at US$0.6954 or US$1=C$1.4381, compared to Friday’s finish of US$0.6975 or US$1=C$1.4336. On the U.S. Dollar Index, the greenback dipped 0.080 of a point at 107.165.
Meanwhile, the BoC is widely expected to cut its key rates by 25 basis points.
Benchmark crude oil prices fell to two-week lows on Monday as rising interest in China over DeepSeek’s low-cost artificial intelligence model led to concerns regarding demand.
Brent crude oil pulled back US$1.60 at US$76.90 per barrel and West Texas Intermediate retreated US$1.61 at US$73.05.
The TSX Composite Index lost 179.34 points to close Monday at 25,289.15.
Gold dropped US$33.70 at US$2,745.20 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.39 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.23 at $ 58.52 Maple Leaf Foods up $ 0.53 at $ 21.79 Nutrien Ltd. dn $ 0.21 at $ 75.50 RB Global Inc. up $ 1.64 at $131.23
(All figures are in Canadian dollars)
