Canadian Financial Close: Loonie higher, gold sets new record

By MarketsFarm

WINNIPEG, July 27 (MarketsFarm) – The Canadian dollar was higher on Monday, as the United States dollar remained on its downward swing compared to other world currencies that are considered to be safe havens.

The loonie finished at US$0.7475 or US$1=C$1.3378, compared to Friday when it closed at US$0.7451 or US$1=C$1.3421.

With fears of very tough economic times ahead, gold jumped US$36.27 at US$1,938.29 per ounce and set a new record high. There has been speculation in the markets that gold could soon bust through the US$2,000 mark.

Benchmark crude oil prices were slightly higher on Monday as a US$1 trillion stimulus package for the U.S. economy remained scheduled to be unveiled by top Republicans today. Gains were strongly tempered by the ongoing tense situation between the U.S. and China over a number of issues.

Brent crude oil was up 14 cents at US$43.48 per barrel. West Texas Intermediate (WTI) crude oil rose 32 cents at US$41.61 per barrel. Western Canadian Select (WCS) crude oil gained 80 cents at US$32.42 per barrel.

The TSX Composite Index increased by 164.27 points on Monday to at 16,161.33.

Canada’s agricultural sector fared as follows:

Buhler Industries up $ 0.04 at $ 2.83
Linamar Corp. up $ 0.11 at $ 40.57
Maple Leaf Foods dn $ 0.28 at $ 26.49
Nutrien Ltd. up $ 0.59 at $ 44.59
Ritchie Bros Auctioneers Inc. up $ 0.22 at $ 59.39

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