By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar was stronger on Monday after Prime Minister Justin Trudeau announced he will step down once a new federal Liberal leader is selected. Additional support came from a sharp drop in the United States dollar.
The loonie closed on Monday at US$0.6970 or US$1=1.4348, compared to Friday’s finish of US$0.6924 or US$1=1.4418.
On the U.S. Dollar Index, the greenback gave up 0.703 of a point at 108.095. The loss came after reports cited top aides for President-elect Donald Trump are considering a tariff program for only critical imports.
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Benchmark crude oil prices were lower on Monday due to pressure from declines in new orders for U.S. manufactured goods in November that erased earlier upticks from increased demand.
Brent crude oil shed 26 cents at US$76.25 per barrel and West Texas Intermediate was down 48 cents at US$73.48.
The TSX Composite Index stepped back 73.75 points to close Monday at 24,999.79.
Gold was down US$7.50 at US$2,647.20 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.05 at $ 3.15 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. up $ 0.86 at $ 57.52 Maple Leaf Foods dn $ 0.05 at $ 20.45 Nutrien Ltd. up $ 1.81 at $ 69.46 RB Global Inc. dn $ 2.24 at $130.96
(All figures are in Canadian dollars)
