Canadian Financial Close: Loonie slides under 76 U.S. cents

By MarketsFarm

WINNIPEG, Oct. 26 (MarketsFarm) – The Canadian dollar was lower on Monday, pulled down by declines in crude oil prices.

The dollar finished at US$0.7575 or US$=C$1.3201 compared to Friday’s close of US$0.7610 or US$1=C$1.3140.

Benchmark crude oil prices were weaker on Monday, due to growing concerns of the COVID-19 pandemic significantly curtailing demand. A measure of support came from the shutdown of oil facilities in the Gulf of Mexico ahead of Tropical Storm Zeta, which is expected to become a hurricane.

Brent crude oil fell US$1.32 at US$40.45 per barrel. West Texas Intermediate (WTI) crude oil lost US$1.29 at US$38.56 per barrel. Western Canadian Select (WCS) crude dropped US$2.08 at US$27.25 per barrel.

The TSX Composite Index was down 224.53 points on Monday to finish at 16,079.55.

The U.S. markets tumbled as federal legislators remained at an impasse over an economic stimulus package and growing concerns over the pandemic. The Dow Jones lost 762.28 to close at 27,573.29 points and the NASDAQ fell 226.36 to finish at 11,321.92 points. The S&P 500 was down 77.40 to end at 3,387.99 points.

Gold inched up 37 cents at US$1,902.42 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.33
Linamar Corp. dn $ 0.81 at $ 46.32
Maple Leaf Foods unchanged at $ 24.67
Nutrien Ltd. dn $ 0.84 at $ 53.73
Ritchie Bros Auctioneers Inc. dn $ 1.70 at $ 79.46
Rocky Mountain Dealerships Inc. dn $ 0.08 at $ 5.40
(All figures are in Canadian dollars.)

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