WINNIPEG, Feb. 8 (MarketsFarm) – The Canadian dollar made gains on Monday, strengthened by continuing rallies in oil prices and the stock market.
The loonie finished at US$0.7841 or US$1=C$1.2753, compared to Friday’s close of US$0.7827 or US$1=C$1.2777.
Crude oil continued to climb due to planned supply cuts and optimism from the vaccine rollout and a US$1.9 trillion planned stimulus package, which will be voted on in the U.S. House of Representatives during the week of Feb. 22.
Brent crude oil crossed the US$60 mark, increasing by US$1.32 at US$60.66. West Texas Intermediate (WTI) crude oil jumped US$1.24 at US$58.09/barrel. Western Canadian Select (WCS) crude oil rose by US$0.93 at US$47.47/barrel.
The rally did not stop at the TSX Composite Index, which climbed by 194.36 points on Monday to finish at 18,330.26.
Gold made an upward move by US$17.08 at US$1,831.19 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.05 at $ 2.73
Linamar Corp. up $ 0.56 at $ 71.90
Maple Leaf Foods dn $ 0.15 at $ 24.89
Nutrien Ltd. up $ 1.19 at $ 69.59
Ritchie Bros Auctioneers Inc. dn $ 1.33 at $ 74.11
(All figures are in Canadian dollars.)
