Canadian Financial Close: Loonie short of 73-cent mark
BoC interest announcement on Wednesday
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar finished Monday slightly below 73 U.S. cents in pre-report positioning ahead of the Bank of Canada’s interest rate announcement on June 4.
The loonie closed at US$0.7296 or US$1=C$1.3707, compared to Friday’s close of US$0.7268 or US$1=C$1.3758.
The U.S. Dollar Index saw the greenback retreat 0.659 of a point at 98.600 after President Donald Trump announced the doubling of tariffs on steel imports to 50 per cent.
Benchmark crude oil prices were stronger on Monday as wildfires approached Alberta oilfields and due to a number of geopolitical issues. Those included the worsening of the Russia-Ukraine war, slow progress in talks between Iran and the U.S., plus OPEC+ stating it won’t increase output next month past the agreed to 411,000 barrels per day.
Brent crude added US$2.46 at US$65.24 per barrel and West Texas Intermediate rose US$2.36 at US$63.15.
The TSX Composite Index gained 213.91 points on Monday, to close at 26,388.96.
Gold advanced US$91.10 at US$3,406.50.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 7.29 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.92 at $ 61.82 Maple Leaf Foods up $ 0.07 at $ 27.34 Nutrien Ltd. up $ 1.40 at $ 82.48 RB Global Inc. dn $ 0.41 at $144.18
(All figures are in Canadian dollars)
