WINNIPEG – The Canadian dollar opened the week a little bit lower on Monday due to an easing of crude oil prices.
The loonie closed at US$0.7672 or US$1=C$1.3035, down from US$0.7698 or US$1=C$1.2991 on Friday. The U.S. Dollar Index strengthened 0.77 of a point to 108.94.
Crude oil prices suffered major losses earlier in the day before making their way back up. Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said OPEC+ may be forced to cut production next month. Brent crude oil dropped US$0.07 per barrel to US$96.65. West Texas Intermediate (WTI) crude oil dropped US$0.54 at US$90.23/barrel. Meanwhile, Western Canadian Select (WCS) rose US$0.85 per barrel to US$70.79.
The TSX/S&P Composite Index lost 136.46 points at 19,974.92.
Gold fell US$14.80 at US$1,748.10 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. up $ 0.05 at $ 2.05
Farmer’s Edge Inc. dn $ 0.07 at $ 0.85
Linamar Corp. dn $ 4.23 at $ 61.74
Maple Leaf Foods dn $ 0.45 at $ 23.41
Nutrien Ltd. up $ 2.13 at $119.54
Ritchie Bros Auctioneers Inc. up $ 0.82 at $ 92.43
(All figures are in Canadian dollars.)
