WINNIPEG – The Canadian dollar retreated from the 80 United States cent mark on Monday.
The loonie closed at US$0.7974 or US$1=C$1.2541, down from Friday’s close of US$0.7999 or US$1=C$1.2502. A survey by Nanos Research reported that 51 per cent of Canadians believe the economy will weaken over the next six months, with primary concerns being higher inflation and interest rates as well as the uncertainty over the Russian invasion of Ukraine.
The United States Dollar Index was up 0.36 of a point to 99.14.
Crude oil prices were in a freefall on Monday after it was announced that half of Shanghai would be locked down due to rising COVID-19 infection numbers. Brent crude oil plunged US$11.06 per barrel to US$109.59. West Texas Intermediate (WTI) crude oil dropped US$10.42 to US$103.48/barrel. Western Canadian Select (WCS) fell US$9.73 to US$92.08.
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The TSX/S&P Composite Index stepped back 28.11 points to 21,977.83.
Gold shed US$33.70 per ounce to US$1,926.10.
Canada’s agricultural sector fared as follows:
Buhler Ind. dn $ 0.06 at $ 2.64
Farmer’s Edge Inc. dn $ 0.33 at $ 2.60
Linamar Corp. up $ 0.25 at $ 55.54
Maple Leaf Foods up $ 0.06 at $ 29.70
Nutrien Ltd. dn $ 1.56 at $133.56
Ritchie Bros Auctioneers Inc. up $ 0.55 at $ 73.98
(All figures are in Canadian dollars.)
