Compiled by Glen Hallick, MarketsFarm
WINNIPEG, March 21 (MarketsFarm) – The Canadian dollar closed higher on Monday, due to rising crude oil prices and despite a stronger United States dollar.
The loonie closed at US$0.7941 or US$1=C$1.2593, compared to Friday’s close of US$0.7926 or US$1=C$1.2617.
On the U.S. Dollar Index, the greenback was up 0.293 of a point at 98.520.
On day two of the work stoppage at Canadian Pacific Railway, the Canadian Chamber of Commerce and the Canadian Vehicle Manufacturers’ Association were among those groups that demanded the federal government end the labour dispute with back to work legislation. However, Minister of Labour Seamus O’Regan said the government believes a deal will be reached at the bargaining table.
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Benchmark crude oil prices were stronger on Monday, due to supply concerns as the European Union considers a ban on oil imported from Russia.
Brent crude oil advanced US$8.38 at US$116.31 per barrel. West Texas Intermediate (WTI) crude oil rose US$7.33 at US$112.03 per barrel. Western Canadian Select (WCS) climbed US$7.88 at US$99.28 per barrel.
The TSX Composite Index was up on Monday, gaining 190.66 points to finish at 22,009.13. At one point during the session the TSX peaked at an all-time high of 22,023.76.
Gold was up US$5.60 at US$1,934.90 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.60
Farmers Edge Inc. up $ 0.01 at $ 2.99
Linamar Corp. dn $ 0.78 at $ 58.01
Maple Leaf Foods dn $ 0.21 at $ 29.68
Nutrien Ltd. up $ 7.33 at $132.39
Ritchie Bros Auctioneers Inc. dn $ 0.91 at $ 74.84
(All figures are in Canadian dollars.)
