Canadian Financial Close: Loonie firm ahead of interest rate announcement

By MarketsFarm

WINNIPEG, Jan. 20 (MarketsFarm) – The Canadian dollar was steady at market close on Monday, ahead of the Bank of Canada’s next interest rate announcement on Wednesday.

The loonie finished the day at US$0.7661 or US$1=C$1.3053, which compares with Friday’s close of US$0.7656 or C$1.3062.

It’s widely expected the central bank will keep its key interest rate at 1.75 per cent, largely due to the notion the Canadian economy is improving.

Also on Wednesday, Statistics Canada will release its latest inflation report and its retail sales report follows on Friday.

Benchmark crude oil prices were steady to higher on Monday as the Libyan Civil War continued despite an international conference on Sunday to broker a cease fire. Plentiful inventories in the United States tempered further gains.

Brent crude oil rose 27 cents at US$65.12 per barrel. West Texas Intermediate (WTI) was up 12 cents at US$58.66 per barrel. Western Canadian Select (WCS) gained 35 cents to close at US$34.22 per barrel.

The TSX/S&P Composite Index was up 38.37 on Monday to close at 17,597.39 points.

Gold was up US$3.53 on Monday to close at US$1,560.77 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries up $ 0.01 at $ 2.80
Linamar Corp. up $ 0.05 at $ 48.04
Maple Leaf Foods dn $ 0.08 at $ 24.70
Nutrien Ltd. up $ 0.33 at $ 61.55
Ritchie Bros Auctioneers Inc. dn $ 0.31 at $ 57.63
Rocky Mountain Dealerships Inc. dn $ 0.05 at $ 6.85
(All figures are in Canadian dollars.)


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