Canadian Financial Close: Loonie rises ahead of central bank announcement

Benchmark crude oil slips

By MarketsFarm

WINNIPEG, June 1 (MarketsFarm) – The Canadian dollar was stronger on Monday, having made gains ahead of the Bank of Canada’s announcement on interest rate scheduled for Wednesday.

The loonie finished the day at US$0.7337 or US$1=C$1.3630, compared to Friday when it closed at US$0.7253 or US$1=C$1.3787.

Benchmark crude oil prices were lower on Monday, following the postponement of a meeting between OPEC, Russia and other oil-producing countries. The meeting was to set further production cuts to stem the global glut. An 11th consecutive week of reduced off-shore exploration in the United States prevented prices from slipping further.

Brent crude oil lost 49 cents close at US$37.35 per barrel. West Texas Intermediate (WTI) crude oil slid US$1.06 at US$34.43 per barrel. Meanwhile, Western Canadian Select (WCS) gained 89 cents at US$29.08 per barrel.

The TSX Composite Index was up 43.38 points, to close at 15,236.21. The TSX followed the U.S. markets in keeping their heads a little above the water as tensions between the U.S. and China continued to mount.

Gold was up US$9.04 at US$1,739.31 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.49
Linamar Corp. up $ 0.75 at $ 38.99
Maple Leaf Foods dn $ 0.60 at $ 25.79
Nutrien Ltd. up $ 0.55 at $ 47.55
Ritchie Bros Auctioneers Inc. dn $ 0.37 at $ 59.22
Rocky Mountain Dealerships Inc. up $ 0.07 at $ 4.54
(All figures are in Canadian dollars.)

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