By Commodity News Service Canada
WINNIPEG, July 24 – The Canadian dollar continued its
ascent against its US counterpart on Monday.
Better-than-expected economic strength helped rally the
loonie to a new 14-month high. Wholesale transactions in the
country rose 0.9% on a seasonally-adjusted basis for the month
of May, which exceeded expectations.
However, some analysts say the rally could be coming to an
end as the upcoming Bank of Canada rate hike has already been
priced in.
Canadian bonds fell as the robust showing today drew some
investors away from fixed-income assets.
The Canadian dollar ended Monday at US$0.7992 cents or
C$1.2512, compared to Friday’s close of US$0.7969 or C$1.2549.
Canadian stocks took a hit on Monday after gold miners
suffered sharp losses. Barrick Gold dropped 4.9% while Kinross
declined 2.5%.
In Toronto, the S&P/TSX Composite Index declined 54.44
points, or 0.36%, to 15,128.69.
Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–dn $ 0.04 at $ 25.96
Agrium Incorporated———-dn $ 0.56 at $124.86
Buhler Industries————– $ 0.00 at $ 4.15
Maple Leaf Foods————-up $ 0.27 at $ 32.59
Potash Corp. of Sask———dn $ 0.14 at $ 22.42
(All figures are in Canadian dollars.)
