WINNIPEG – The Canadian dollar pushed back above 74 United States cents on Monday, with the loonie supported by losses in the U.S. dollar and gains in crude oil prices.
The Canadian dollar closed at US$0.7415 or US$1=C$1.3487, compared to Friday’s finish of US$0.7389 or US$1=C$1.3534. On the U.S. Dollar Index, the greenback lost 0.254 of a point at 102.255.
Benchmark crude oil prices were higher on Monday over uncertainty surrounding planned OPEC+ production cuts. However, the ever-looming recession plus the U.S. debt-ceiling debate stymied further increases.
Brent crude oil added US$1.32 at US$75.49 per barrel and West Texas Intermediate (WTI) was up US$1.29 at US$71.33/barrel.
The TSX Composite Index closed higher on Monday with a gain of 120.35 points at 20,539.97.
Gold tacked on US$1.30 at US$2,021.10 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.15 Farmers Edge Inc. up $ 0.01 at $ 0.20 Linamar Corp. dn $ 1.23 at $ 66.13 Maple Leaf Foods unchanged at $ 26.40 Nutrien Ltd. up $ 2.69 at $ 83.82 Ritchie Bros Auctioneers Inc. dn $ 0.48 at $ 71.75
(All figures are in Canadian dollars.)
