WINNIPEG – The Canadian dollar fell below 79 United States cents on Monday.
The loonie was at US$0.7886 or US$1=C$1.2680 on Monday, down from Friday’s close of US$0.7912 or US$1=C$1.2639.
The U.S. dollar continued to strengthen as the U.S. Dollar Index went up 0.49 of a point to 96.52. On Monday morning, reports surfaced that U.S. President Joe Biden plans on keeping Federal Reserve chair Jerome Powell for a second term.
Benchmark crude oil prices regained some strength on Monday after falling at the end of last week. Brent crude oil gained US$0.43 per barrel to US$79.32. West Texas Intermediate (WTI) crude oil advanced US$0.42 to US$76.36/barrel. Western Canadian Select (WCS) crude oil increased US$0.27 to US$56.90/barrel.
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The TSX/S&P Composite Index plunged 134.26 points to 21,420.77.
A stronger U.S. dollar and rising Treasury bond yields contributed to sinking gold prices, declining US$46.00 per ounce to US$1,805.60.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.02
Farmer’s Edge Inc. up $ 0.08 at $ 3.55
Linamar Corp. up $ 0.22 at $ 78.66
Maple Leaf Foods dn $ 0.18 at $ 30.34
Nutrien Ltd. up $ 2.42 at $ 88.30
Ritchie Bros Auctioneers Inc. dn $ 2.45 at $ 89.55
(All figures are in Canadian dollars.)
