Canadian Financial Close: Housing report halts loonie’s upward run

By MarketsFarm

WINNIPEG, July 15 (MarketsFarm) – The Canadian dollar was steady at market close on Monday, as the latest report on Canadian housing stymied the currency’s week-long run of increases.

The loonie finished the day at US$0.7669 or US$1=C$1.3039, which compares with Friday’s close of US$0.7670 or C$1.3038.

Home sales across Canada were down slightly by 0.2 per cent from May, according to the Canadian Real Estate Association. The report stated gains in Eastern Canada were offset by losses in the west.

The TSX/S&P Composite Index inched up 22.70 points on Monday to finish at 16,510.82, with health care and technology stocks moving the market into the green.

Benchmark oil prices were lower Monday as production along the United States Gulf Coast resumed. Also, China’s economic report, in which the country’s six per cent growth was the worst in nearly 30 years, weighed on values.

Brent crude oil was down 47 cents to close at US$66.25 per barrel. West Texas Intermediate (WTI) crude oil lost 83 cents to close at US$59.38 per barrel.

As of July 12, Western Canadian Select (WCS) crude oil was up 51 cents at US$49.63 per barrel. As of last Friday, the WCS/WTI price differential narrowed by 50 cents at US$10.58 per barrel.

Gold gained US$4.30 on Monday to close at US$1,416.50 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 3.52
Linamar Corp. up $ 0.47 at $ 45.59
Maple Leaf Foods up $ 0.04 at $ 29.45
Nutrien Ltd. up $ 0.52 at $ 65.58
Ritchie Bros Auctioneers Inc. up $ 1.19 at $ 46.00
Rocky Mountain Dealerships Inc. up $ 0.05 at $ 7.55
(All figures are in Canadian dollars.)

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