By MarketsFarm
WINNIPEG, Jan. 24 (MarketsFarm) – The Canadian dollar was sharply weaker on Monday, as a reduced appetite for risk in the global financial markets amid the ongoing tensions between Russia and Ukraine weighed on the currency. Equities and crude oil were both weaker on the day.
The Canadian dollar closed at US$0.7901 or US$1=C$1.2656 on Monday, which compares with Friday’s North American close of US$0.7971 or US$1=C$1.2545.
The Bank of Canada makes its next interest rate announcement on Wednesday, and there are ideas that the bank could raise its key overnight rate.
Crude oil was weaker, with West Texas Intermediate crude oil down by 1.35 per cent, at US$84.00 per barrel.
The TSX Composite Index was down by 50.09 points, or 0.24 per cent, to close at 20,571.30 points.
Canada’s agricultural sector performed as follows:
Linamar Corp.——————–dn $ 1.87 at $ 67.67
Maple Leaf Foods—————–dn $ 0.09 at $ 28.96
Nutrien Ltd.———————dn $ 1.16 at $ 88.01
Ritchie Bros Auctioneers Inc.—-up $ 1.37 at $ 78.03
Farmers Edge Inc.—————-dn $ 0.13 at $ 2.78
(All figures are in Canadian dollars.)
