Canadian Financial Close: Loonie sinks, Ever Given floats

Source: Canadian Cattlemen

WINNIPEG – The Canadian dollar moved slightly downward on Monday due to a stronger United States dollar, but despite a rise in oil prices due to speculation OPEC+ will maintain its current output in May.

The loonie was at US$0.7941 or US$1=C$1.2593 on Monday (not finalized by the Bank of Canada as of 3:50 pm CDT), which was down from Friday’s close at US$0.7949 or US$1=C$1.2580. On the U.S. Dollar Index, the greenback increased 0.17 to 92.93 points. Earlier in the day, the index reached 92.96 for the first time since November.

Benchmark crude oil prices jumped on Monday but gains were tempered when the container ship Ever Given was refloated on Monday, resuming traffic on the Suez Canal. Brent crude oil increased by US$0.53 per barrel to US$65.10. West Texas Intermediate (WTI) crude oil gained US$0.67 at US$61.64/barrel. Western Canadian Select (WCS) crude oil followed suit by rising US$0.62 to US$51.31/barrel.

The TSX Composite Index was down on Monday by 33.36 points to 18,719.22.

Gold fell by US$21.63 to US$1,710.74 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 3.27
Linamar Corp. dn $ 1.47 at $ 72.74
Maple Leaf Foods up $ 0.58 at $ 28.64
Nutrien Ltd. dn $ 1.02 at $ 69.40
Ritchie Bros Auctioneers Inc. dn $ 2.04 at $ 72.72
Farmer’s Edge Inc. up $ 0.11 at $ 18.26

(All figures are in Canadian dollars.)