Canadian Financial Close: Loonie drops at midweek

By MarketsFarm

WINNIPEG, Oct. 28 (MarketsFarm) – The Canadian dollar was down by over three quarters of a cent at Wednesday’s close.

The dollar finished the day at US$0.7518 or US$1=C$1.3302, compared to Tuesday when it closed at US$0.7596 or US$1=C$1.3164.

The dollar was pressured by crude oil prices, which dropped by over five per cent to hit four-month lows. Concerns of widespread COVID-19 lockdowns have spurred concerns of a drastic drop in long-term demand. Reports of high stockpiles in the United States also were a bearish influence on crude oil values. West Texas Intermediate (WTI) was down by US$2.25 to close at US$37.32. Brent Crude lost US$2.13 at US$39.07.

Canada’s main stock index lost 2.7 per cent on the day to close at a three-month low. Looming COVID-19 lockdowns have weakened financial markets around the world. The TSX Composite Index was down by 434.27 points on the day, closing at 15,586.57.

Canada’s agricultural sector fared as follows:

Buhler Int.                  unchanged      at $ 2.33
Linamar Corp.                    dn $ 1.43     at $ 44.43
Maple Leaf Foods                 up $ 0.12     at $ 23.64
Nutrien Ltd.                     up  $ 0.28     at $ 53.48
Ritchie Bros Auctioneers Inc.    up  $ 0.64     at $ 80.16
Rocky Mountain Dealerships Inc.  dn  $ 0.20     at $  5.30

(All figures are in Canadian dollars.)

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