WINNIPEG – The Canadian dollar inched its way closer to 80 cents United States on Monday.
Due to a number of currencies losing ground, the loonie was at US$0.7989 or US$1=C$1.2517 on Monday, up from Friday’s close of US$0.7959 or US$1=C$1.2565. In an opinion piece in the Financial Times, Bank of Canada Governor Tiff Macklem said the bank was “closer” to raising interest rates while maintaining his belief that high inflation rates will soon decline. The Canadian Real Estate Association announced that home sales increased by 8.6 per cent in October, compared to September.
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The U.S. Dollar Index jumped 0.41 of a point to 95.54. President Joe Biden signed into law a US$1 billion infrastructure bill, which required bipartisan support to pass Congress.
Benchmark crude oil prices were mixed on Monday. Brent crude oil dipped nine cents per barrel to US$82.08. Meanwhile, West Texas Intermediate (WTI) crude oil increased US$0.12 to US$80.91/barrel. Meanwhile, Western Canadian Select (WCS) crude oil jumped US$0.82 to US$61.69/barrel.
The TSX/S&P Composite Index lost 85.45 points to 21,683.08.
Gold dipped US$1.79 per ounce to US$1,863.11.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.21 at $ 3.00
Farmer’s Edge Inc. dn $ 0.32 at $ 3.48
Linamar Corp. up $ 1.29 at $ 77.79
Maple Leaf Foods up $ 0.27 at $ 31.32
Nutrien Ltd. up $ 0.60 at $ 86.24
Ritchie Bros Auctioneers Inc. up $ 0.46 at $ 89.51
(All figures are in Canadian dollars.)
