Canadian Financial Close: Loonie stays high, gold rallies

WINNIPEG – The Canadian dollar remained steady on Monday, maintaining its highest level since 2018.

The loonie was at US$0.8144 or US$1=C$1.2279 on Monday, up from Friday’s close at US$0.8140 or US$1=C$1.2285. Meanwhile, the United States Dollar Index dropped by 0.31 at 90.97 points. Data from the IHS Markit Canada Manufacturing Purchasing Managers’ index (PMI) released on Monday revealed that Canada’s manufacturing activity grew for the 10th straight month in April.

Benchmark crude oil prices rose on Monday awaiting demand to ramp up as COVID-19 restrictions start to come down. Brent crude oil increased by US$0.79 per barrel to US$67.49. West Texas Intermediate (WTI) crude oil went up by US$0.83 to US$64.41/barrel. Western Canadian Select (WCS) crude oil jumped by US$1.02 to US$52.54/barrel.

The TSX Composite Index rose by 104.83 points to 19,213.16. Canadian online brokerage Wealthsimple was valued at nearly C$5 billion, triple its value from last October, after a funding round by its parent company Power Corporation of Canada raised C$750 million.

Gold soared by US$23.87 per ounce to US$1,793.00 amidst a weakened U.S. dollar and lower-than-usual U.S. Treasury bond yields.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 3.75
Farmer’s Edge Inc. dn $ 0.09 at $ 17.66
Linamar Corp. up $ 0.26 at $ 72.29
Maple Leaf Foods dn $ 0.09 at $ 28.28
Nutrien Ltd. up $ 0.87 at $ 68.72
Ritchie Bros Auctioneers Inc. dn $ 0.65 at $ 77.54

(All figures are in Canadian dollars.)

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