By MarketsFarm
WINNIPEG, May 11 (MarketsFarm) – The Canadian dollar lower on Monday as the markets are concerned that a second wave of COVID-19 will strike, further hurting the Canadian economy.
The dollar finished the day at US$0.7137 or US$1=C$1.4012, compared to Friday when it closed at US$0.7177 or US$1=C$1.3934.
Benchmark crude oil prices were mixed on Monday as the markets weren’t entirely convinced of Saudi Arabia’s pledge to cut their oil production by an extra one million barrels per day.
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Brent crude oil was lost 82 cents to close at US$30.16 per barrel. West Texas Intermediate (WTI) crude oil slipped three cents at US$24.77 per barrel.
Western Canadian Select (WCS) was up 71 cents at US$21.69 per barrel on the announcement that work on the British Columbia portion of the Trans Mountain Pipeline Expansion is set to begin next month.
The TSX Composite Index was up 136.66 points to close at 15,103.22.
Gold was down US$4.65 at US$1,698.06 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.80
Linamar Corp. dn $ 0.22 at $ 33.16
Maple Leaf Foods up $ 1.20 at $ 26.23
Nutrien Ltd. dn $ 0.92 at $ 48.48
Ritchie Bros Auctioneers Inc. dn $ 1.66 at $ 60.13
Rocky Mountain Dealerships Inc. up $ 0.01 at $ 4.23
(All figures are in Canadian dollars.)
