WINNIPEG – The Canadian dollar held mostly steady on Monday despite rising oil prices and bullish results from a Bank of Canada survey.
The loonie was at US$0.8102 or US$1=C$1.2343 on Monday, up from Friday’s close at US$0.8095 or US$1=C$1.2353. Meanwhile, the U.S. Dollar Index was up 0.03 points at 92.25. Canada’s central bank released the results of its Business Outlook Survey this morning, showing greater economic optimism.
Benchmark crude oil prices jumped on Monday after OPEC+ nations failed to reach a deal to increase oil output, tightening an already depleting supply. Brent crude oil rose US$0.99 per barrel to US$77.16. West Texas Intermediate (WTI) crude oil surged US$1.20 to US$76.36/barrel. Western Canadian Select (WCS) crude oil increased US$0.53 to US$61.31/barrel.
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The TSX Composite Index moved up 55.35 points to 20,281.46.
Gold advanced US$4.51 per ounce to US$1,791.82.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.31
Farmer’s Edge Inc. up $ 0.07 at $ 11.85
Linamar Corp. dn $ 0.58 at $ 77.45
Maple Leaf Foods up $ 0.04 at $ 25.80
Nutrien Ltd. dn $ 0.11 at $ 74.88
Ritchie Bros Auctioneers Inc. dn $ 0.24 at $ 73.55
(All figures are in Canadian dollars.)
