WINNIPEG – The Canadian dollar slipped on Monday while the Bank of Canada (BoC) renewed and added to its mandate.
The loonie was at US$0.7818 or US$1=C$1.2791 on Monday, down from Friday’s close of US$0.7865 or US$1=C$1.2714. The BoC and the federal government announced on Monday the central bank will keep its two per cent inflation target intact, but will be given flexibility to go over the target if it means “maximum sustainable employment”.
The United States Dollar Index increased 0.25 of a point to 96.35.
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Benchmark crude oil prices eased off on Monday due to fears over the Omicron COVID-19 variant. Brent crude oil declined US$0.73 per barrel to US$74.42. West Texas Intermediate (WTI) crude oil retreated US$0.38 to US$71.29/barrel. Meanwhile, Western Canadian Select (WCS) crude oil increased four cents at US$55.10/barrel.
The TSX/S&P Composite Index dropped 142.17 points to 20.748.45.
Gold advanced US$4.06 per ounce to US$1,786.90.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.04 at $ 3.04
Farmer’s Edge Inc. dn $ 0.13 at $ 3.37
Linamar Corp. dn $ 1.30 at $ 72.50
Maple Leaf Foods up $ 0.20 at $ 28.99
Nutrien Ltd. dn $ 0.54 at $ 88.91
Ritchie Bros Auctioneers Inc. dn $ 1.30 at $ 84.58
(All figures are in Canadian dollars.)
