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Canadian Financial Close: Loonie starts the week slightly higher

By MarketsFarm

WINNIPEG, May 25 (MarketsFarm) – The Canadian dollar was slightly stronger on Monday, along with the TSX and crude oil values. United States markets were closed for the Memorial Day holiday.

The dollar finished the day at US$0.7151 or US$1=C$1.3984, compared to Friday when it closed at US$0.7135 or US$1=C$1.4015.

Stephen Poloz, governor of the Bank of Canada, gave his final speech before he steps down from his position next week. He said Canada’s economy will require further stimulus efforts in order to weather the COVID-19 pandemic. “Although a minority of observers worry that these extreme policies will create inflation someday, our dominant concern was with the downside risk and the possibility that deflation could emerge,” he said.

The TSX Composite Index was up 161.78 points to close at 15,075.42.
Benchmark crude oil prices were slightly stronger as economies slowly reopen. West Texas Intermediate (WTI) was up 47 cents to close at US$33.72. Brent Crude was up by 45 cents at US$35.58.

Canada’s agricultural sector fared as follows:

Buhler Industries                dn  $ 0.07     at $  2.53
Linamar Corp.                    up  $ 0.65     at $ 35.56
Maple Leaf Foods                 up  $ 0.48     at $ 26.09
Nutrien Ltd.                     up  $ 0.36     at $ 46.40
Ritchie Bros Auctioneers Inc.    up  $ 0.49     at $ 56.40
Rocky Mountain Dealerships Inc.  dn $ 0.06     at $  4.34

(All figures are in Canadian dollars.)

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