Canadian Financial Close: Loonie pushing higher

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, May 17 (MarketsFarm) – The Canadian dollar increased in value on Monday, as the United States dollar continued to struggle.

The loonie finished at US$0.8277 or US$1=C$1.2081, compared to Friday’s close of US$0.8258 or US$1=C$1.2109.

On the U.S. Dollar Index, the greenback slipped back 0.148 at 90.175 points.

The rise in the Canadian dollar comes as house sales fell 12.5 per cent in April from March, according to the Canadian Real Estate Association. Also, the Canadian Mortgage and Housing Corporation noted housing starts in April dropped 19.8 per cent in April.

Benchmark crude oil prices were stronger on Monday, hitting two-year highs as the markets focused on a demand comeback.

Brent crude oil rose 85 cents at US$69.56 per barrel. West Texas Intermediate (WTI) crude oil gained 98 cents at US$66.35/barrel. Western Canadian Select (WCS) was up 68 cents at US$53.31/barrel.

The TSX Composite Index rose 107.86 points on Monday to finish at 19,474.65.

Gold vaulted US$28.30 at US$1,866.40 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries up $ 0.06 at $ 3.78
Farmers Edge Inc. up $ 0.40 at $ 11.05
Linamar Corp. up $ 0.35 at $ 75.93
Maple Leaf Foods dn $ 0.03 at $ 26.63
Nutrien Ltd. up $ 0.41 at $ 73.75
Ritchie Bros Auctioneers Inc. dn $ 0.64 at $ 75.95
(All figures are in Canadian dollars.)

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