WINNIPEG, July 19 (MarketsFarm) – Fears over a worldwide COVID-19 Delta variant surge and a new monthly hike in oil output today caused a steep descent for the Canadian dollar and in the markets.
The loonie was at US$0.7838 or US$1=C$1.2759 on Monday, its lowest close in five months, down from Friday’s close at US$0.7941 or US$1=C$1.2593. Meanwhile, the United States Dollar Index was up 0.15 points at 92.84.
Benchmark crude oil prices were in freefall on Monday, days after OPEC+ and its allies agreed to boost crude oil output by 400,000 barrels a day. Brent crude oil lost US$5.01 per barrel to US$68.58. West Texas Intermediate (WTI) crude oil plunged US$5.47 to US$66.34/barrel. Western Canadian Select (WCS) crude oil fell US$5.82 to US$52.36/barrel.
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The TSX/S&P Composite Index took a major hit, dropping 259.09 points to 19,726.45.
Gold declined only US$0.31 per ounce to US$1,811.74 as investors looked for safe havens.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.12
Farmer’s Edge Inc. dn $ 0.02 at $ 10.30
Linamar Corp. dn $ 1.73 at $ 70.76
Maple Leaf Foods dn $ 0.32 at $ 24.84
Nutrien Ltd. dn $ 1.55 at $ 73.36
Ritchie Bros Auctioneers Inc. dn $ 1.45 at $ 74.15
(All figures are in Canadian dollars.)
