WINNIPEG, April 5 (MarketsFarm) – The Canadian dollar rose on Monday due to a weakened United States dollar amidst record-high closes on the North American stock markets.
The loonie was at US$0.7984 or US$1=C$1.2525 on Monday, which was up from Thursday’s close at US$0.7959 or US$1=C$1.2565. On the U.S. Dollar Index, the greenback fell 0.42 to 92.61 points.
Benchmark crude oil prices dropped on Monday after OPEC+’s decision to increase oil output beginning in May. Brent crude oil sunk by US$2.59 per barrel to US$62.27. West Texas Intermediate (WTI) crude oil lost US$2.68 at US$58.77/barrel. Western Canadian Select (WCS) crude oil followed suit by falling US$2.49 to US$48.87/barrel.
Just like the Dow Jones and the S&P 500, the TSX Composite Index closed on a record-high on Monday, rising by 36.47 points to 19.026.79. It is the first time the TSX surpassed the 19,000-point mark at closing time as strong economic data in the U.S. helped lift the markets.
Gold pulled back slightly by US$0.80 at US$1,728.08 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries up $ 0.20 at $ 3.45
Linamar Corp. up $ 0.08 at $ 75.49
Maple Leaf Foods up $ 0.34 at $ 28.49
Nutrien Ltd. up $ 0.58 at $ 69.00
Ritchie Bros Auctioneers Inc. up $ 1.18 at $ 76.96
Farmer’s Edge Inc. dn $ 0.15 at $ 17.70
(All figures are in Canadian dollars.)