By MarketsFarm
WINNIPEG, Aug. 24 (MarketsFarm) – The Canadian dollar finished virtually unchanged on Monday. However, this morning the loonie pushed to almost 76.00 United States cents before losing almost a half cent, only to end up pretty much where it started.
The Canadian dollar finished at US$0.7572 or US$1=C$1.3207, compared to Friday when it closed at US$0.7573 or US$1=C$1.3205.
The increase was fueled by Statistics Canada’s preliminary estimate of manufacturing sales increased 8.7 per cent in July. This follows an 11.6 per cent rise in May and a 20.7 jump in June. The federal agency releases its complete manufacturing sales report on Sept. 15.
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The greenback made a small gain on the U.S. Dollar Index, finishing above 93.00 points, and that helped to weaken the loonie.
Benchmark crude oil prices were steady to higher on Monday, as numerous oil production facilities in the Gulf of Mexico have shut down ahead of Tropical Storm Laura.
Brent crude oil rose 69 cents at US$45.04 per barrel. West Texas Intermediate (WTI) crude oil was up nine cents at US$42.43 per barrel. Western Canadian Select (WCS) crude oil gained 35 cents at US$31.14 per barrel.
The TSX Composite Index was higher on Monday, up 108.79 points to finish at 16,626.64.
Gold fell US$15.18 at US$1,925.30 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.04 at $ 2.52
Linamar Corp. up $ 1.34 at $ 42.60
Maple Leaf Foods up $ 0.69 at $ 30.50
Ritchie Bros Auctioneers Inc. dn $ 0.66 at $ 82.56
Rocky Mountain Dealerships Inc. up $ 0.23 at $ 5.48
(All figures are in Canadian dollars.)
