Canadian Financial Close: Loonie, crude oil rise

Glacier FarmMedia – The Canadian dollar made gains on Monday as as its United States counterpart fell back and crude oil was higher.    

     The loonie closed at US$0.7366 or US$1=C$1.3576, compared to US$0.7327 or US$1=C$1.3648 on Friday, as speculators turned the Canadian dollar into a net long position for the first time in more than two years.

     The United States Dollar Index lost 0.76 of a point at 96.87, supporting the loonie.

     Crude oil prices rose after the U.S. warned ships to avoid the Strait of Hormuz. There were also reports that talks between the U.S. and Iran have hit an impasse over the latter wanting to continue enriching uranium.

     West Texas Intermediate increased US$0.82 per barrel at US$64.37. Brent crude oil jumped US$1.00/barrel at US$69.05.

     The TSX/S&P Composite Index surged 552.34 points, aided by gains in the materials and technology sectors, to close at 33,023.32.

     Gold added US$108.80 per ounce at US$5,088.60.

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