Canadian Financial Close: More declines for loonie
Analysts expecting BoC rate cut Wednesday
Canadian Financial Close: More declines for loonie
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar slipped back on Monday, lacking support to push higher.
The loonie closed at US$0.7270 or US$1=C$1.3755, compared to Friday’s finish of US$0.7285 or US$1=C$1.3727. On the U.S. Dollar Index, the greenback inched lower 0.072 of a point at 104.040.
Benchmark crude oil prices were slightly lower on Monday as the market shifted its attention away from U.S. President Joe Biden and turned towards increasing stockpiles and weaker demand.
Brent crude oil gave up 25 cents at US$82.38 per barrel and West Texas Intermediate lost 35 cents at US$79.78.
The Bank of Canada is scheduled to make its next interest rate announcement on Wednesday. Analysts said they expect another rate cut.
The TSX Composite Index added 182.26 points on Monday to close at 22,872.65, a little more than 100 points from its year-to-date high.
Gold bumped up US$1.00 at US$2,400.10 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.02 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.30 at $ 68.98 Maple Leaf Foods dn $ 0.16 at $ 24.41 Nutrien Ltd. unchanged at $ 69.38 RB Global Inc. up $ 0.95 at $110.42
(All figures are in Canadian dollars)
