WINNIPEG – The Canadian dollar continued its downturn on Monday as worries over the Omicron COVID-19 variant took a hold onto the markets.
The loonie was at US$0.7727 or US$1=C$1.2942 on Monday, down from Friday’s close of US$0.7785 or US$1=C$1.2846. The Quebec government announced today it was closing schools, bars, gyms and movie theatres in an effort to stop Omicron’s spread.
The United States Dollar Index slipped 0.06 of a point to 96.50 one day after Democratic Senator Joe Manchin said he would not support the US$2 trillion Build Back Better tax-and-spend bill, derailing the legislation’s passage through Congress.
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Benchmark crude oil prices tumbled on Monday due to fears over Omicron. Brent crude oil retreated US$1.54 per barrel to US$71.98. West Texas Intermediate (WTI) crude oil fell US$2.63 to US$68.23/barrel. Western Canadian Select (WCS) crude oil dropped US$1.71 at US$53.99/barrel.
The TSX/S&P Composite Index had one of its worst days in recent memory, shedding 200.97 points to 20,538.22.
Gold lost US$15.30 per ounce to US$1,789.60.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.12 at $ 2.95
Farmer’s Edge Inc. up $ 0.07 at $ 3.43
Linamar Corp. dn $ 2.17 at $ 70.40
Maple Leaf Foods dn $ 0.53 at $ 28.97
Nutrien Ltd. dn $ 1.13 at $ 90.13
Ritchie Bros Auctioneers Inc. dn $ 2.88 at $ 77.84
(All figures are in Canadian dollars.)
