By MarketsFarm
WINNIPEG, April 20 (MarketsFarm) – The Canadian dollar was weaker on Friday following significant losses in Canada’s crude oil sector.
The dollar finished the day at US$0.7099 or US$1=C$1.4086, compared to Friday when it closed at US$0.7124 or US$1=C$1.4037.
Crude oil prices closed in the red for the first time in history due to rapid selling sparked by low storage space in key areas within North America’s supply chain. Prolonged lack of demand due to COVID-19 and last month’s price war between Saudi Arabia and Russia also contributed to the unprecedented declines. Nearby contracts for West Texas International (WTI) crude oil fell by over US$46 to hit minus US$27.87 per barrel at Monday’s close. Brent Crude lost US$1.95 to finish at US$26.13 per barrel.
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Canada’s crude oil indicators fared slightly better, holding at around US$7 per barrel on Monday. Alberta’s Premier Jason Kenny tweeted in the early hours of Monday morning that the index was trading at negative values, but that could be due to “a function of technical factors,” according to Yahoo Canada.
The TSX Composite Index was up by 28.40 points to close at 14,388.28.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.70
Linamar Corp. dn $ 1.23 at $ 32.61
Maple Leaf Foods up $ 0.16 at $ 25.98
Nutrien Ltd. up $ 0.34 at $ 50.59
Ritchie Bros Auctioneers Inc. up $ 0.28 at $ 58.18
Rocky Mountain Dealerships Inc. dn $ 0.04 at $ 4.16
(All figures are in Canadian dollars.)
