By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar dipped on Monday, in the face of a stronger United States dollar and weaker crude oil prices.
Tariff tensions ramped up on Monday after rumours circulated U.S. President Donald Trump was going to pause his administration’s reciprocal duties for 90 days. Following a statement from the White House the reports were false, Trump threatened to increase his array of levies, targeting China.
The loonie closed Monday at US$0.7029 or US$1=C$1.4226, compared to Friday’s finish of US$0.7034 or US$1=C$1.4216. On the U.S. Dollar Index, the greenback gained 0.492 points at 103.260.
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Benchmark crude oil prices pulled back on Monday, as the U.S./China tariff tussle weighed on values.
Brent crude oil was down US$1.08 at US$64.450 per barrel and West Texas Intermediate gave up 94 cents at US$61.05.
The TSX Composite Index lost 334.01 points, or 1.44 per cent on Monday, closing at 23,193.47. In the U.S., the Dow Jones gave up 1.03 per cent, the Nasdaq was down 0.46 per cent and the S&P 500 pulled back 0.37 per cent.
Gold fell US$38.30, slipping below US$3,000 per ounce, at US$2,997.10.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 7.29 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 1.24 at $ 46.29 Maple Leaf Foods dn $ 0.47 at $ 23.54 Nutrien Ltd. up $ 0.29 at $ 67.71 RB Global Inc. dn $ 1.80 at $129.01
(All figures are in Canadian dollars)
