By MarketsFarm
WINNIPEG, Aug. 8 (MarketsFarm) – The Canadian dollar was stronger on Monday, taking back most of Friday’s losses as crude oil also recovered from its own declines.
The Canadian dollar settled at US$0.7778 or US$1=C$1.2857 on Monday, which compares with Friday’s close of US$0.7732 or US$1=C$1.2934.
Expectations that the Bank of Canada could increase its key overnight interest rate by as much as three-quarters of a point in September contributed to the firmer tone in the currency.
Crude oil had come under pressure earlier in the day but managed to uncover some support and turn higher. West Texas Intermediate crude oil was up by 1.52 per cent at US$90.36 per barrel.
The TSX Composite Index was up by 49.04 points, or 0.25 per cent, to close at 19,669.17 points.
Canada’s agricultural sector performed as follows:
Buhler Ind.———————-up $ 0.05 at $ 2.44
Linamar Corp.——————–up $ 0.98 at $ 59.58
Maple Leaf Foods—————–up $ 1.12 at $ 23.00
Nutrien Ltd.———————up $ 1.60 at $109.99
Ritchie Bros Auctioneers Inc.—-up $ 1.24 at $ 88.76
Farmers Edge Inc.—————-dn $ 0.05 at $ 1.12
(All figures are in Canadian dollars.)
