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Canadian Financial Close: Loonie holds under 70 cents

WINNIPEG – The Canadian dollar was weaker on Monday, remaining below the psychologically important 70 U.S. cent mark.

The dollar finished the day at US$0.6905 or US$1=C$1.4482, compared to Friday when it closed at US$0.6977 or US$1=C$1.4332.

With no end in sight to the price war between oil producing powerhouses Saudi Arabia and Russia, and reductions in demand due to COVID-19, Canada’s energy sector remains on the ropes. Alberta’s government has announced tax relief for the sector, but the federal government has not intervened yet. Western Canadian Select lost 98 cents to close at US$9.13 per barrel.

Brent crude oil gained 50 cents to close at US$29.50 per barrel. West Texas Intermediate (WTI) crude oil rose by US$1.29 to close at US$25.65 per barrel.

The TSX Composite Index lost approximately five per cent, down 623.32 points to close at 11,228.49.

Canada’s agricultural sector fared as follows:

Buhler Industries                unchanged      at $  2.85
Linamar Corp.                    dn  $ 3.56     at $ 24.98
Maple Leaf Foods                 dn  $ 0.82     at $ 20.41
Nutrien Ltd.                     dn  $ 2.62     at $ 37.52
Ritchie Bros Auctioneers Inc.    dn  $ 0.28     at $ 40.63
Rocky Mountain Dealerships Inc.  dn  $ 0.10     at $  3.55

(All figures are in Canadian dollars.)

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