Canadian Financial Close: Loonie swings higher
Greenback drops to three-year low
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar was higher on Monday, as trading resumed following the Easter long weekend.
The loonie closed on Monday at US$0.7236 or US$1=C$1.3820, compared to Thursday’s finish of US$0.7217 or US$1=C$1.3857.
On the United States Dollar Index, the greenback dropped 0.994 of a point at 98.135, hitting a three-year low on concerns that U.S. President Donald Trump could be set to oust Federal Reserve Chair Jerome Powell. If Trump were to succeed, that would shake the confidence in the markets as the Fed chair’s independence would be eroded.
Benchmark crude oil prices weakened on Monday, as some progress was made in talks between the U.S. and Iran.
Brent crude retreated US$1.37 at US$66.59 per barrel and West Texas Intermediate lost US$1.21 at US$63.47.
The TSX Composite Index gave up 183.95 points, or 0.76 per cent on Monday, closing at 24,008.88. In the U.S., the Nasdaq dropped 2.55 per cent, the Dow Jones slid 2.48 per cent and the S&P 500 fell 2.36 per cent.
Gold advanced US$103.70 at US$3,432.10.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 7.29 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.63 at $ 47.52 Maple Leaf Foods up $ 0.03 at $ 24.60 Nutrien Ltd. up $ 0.06 at $ 72.73 RB Global Inc. dn $ 3.54 at $131.36
(All figures are in Canadian dollars)
