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Canadian Financial Close: Loonie gets nudge from stronger stock markets

Little direction from crude oil prices

By MarketsFarm

WINNIPEG, July 6 (MarketsFarm) – The Canadian dollar was slightly higher on Monday, as stronger financial markets provided support while crude oil offered little direction.

The loonie finished the day at US$0.7484 or US$1=C$1.3543, compared to Friday when it closed at US$0.7372 or US$1=C$1.3565.

The TSX Composite Index increased by 72.92 points on Monday, to close at 15,669.67 on reports of China’s economy continuing to recover from the COVID-19 pandemic.

Gains in the United States markets were stronger at 1.5 to 2.3 per cent. The Dow Jones jumped 459.60 at 26,286.96 points. The NASDAQ added 226.02 at 10,433.65 points. The S&P 500 was up 49.66 at 3,179.67 points.

Benchmark crude oil prices were steady to higher on Monday as the Chinese recovery provided support, but a strong surge of COVID-19 cases in the U.S. weighed on values. The country was rapidly approaching 3 million reported cases, according to Johns Hopkins University.

Brent crude oil gained 29 cents at US$43.09 per barrel. West Texas Intermediate (WTI) crude oil dipped one cent at US$40.64 per barrel. Western Canadian Select (WCS) rose US$1.61 at US$33.21 per barrel.

Gold was up US$10.37 at US$1,786.32 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.51
Linamar Corp. up $ 0.12 at $ 38.25
Maple Leaf Foods up $ 0.30 at $ 28.73
Nutrien Ltd. up $ 0.36 at $ 45.00
Ritchie Bros Auctioneers Inc. up $ 0.14 at $ 55.16
Rocky Mountain Dealerships Inc. dn $ 0.01 at $ 4.14

(All figures are in Canadian dollars.)

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