WINNIPEG – The Canadian continued to climb, reaching its highest close since April 21.
The loonie closed at US$0.7898 or US$1=C$1.2662 on Monday, up from US$0.7851 or US$1=C$1.2738 on Friday. Canada’s current account surplus was C$5 billion in the first quarter of 2022, while the Bank of Canada is expected to raise its key lending rate by 0.5 of a point to 1.5 per cent on Wednesday.
The United States Dollar Index dropped 0.33 of a point to 101.34 on Monday, which was also Memorial Day.
The easing of COVID-19 lockdowns in China and the potential ban of Russian oil imports by the European Union both supported crude oil prices. Brent crude oil rose US$2.24 per barrel at US$121.67. West Texas Intermediate (WTI) crude oil climbed US$2.10 at US$117.17/barrel. Western Canadian Select (WCS) gained US$2.05 to US$99.14.
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The TSX/S&P Composite Index gained 170.82 points at 20,919.40 for its first weeklong rally in two months.
Gold was unchanged at US$1,857.30 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. up $ 0.03 at $ 2.35
Farmer’s Edge Inc. dn $ 0.09 at $ 2.22
Linamar Corp. up $ 1.30 at $ 54.17
Maple Leaf Foods up $ 0.13 at $ 27.92
Nutrien Ltd. dn $ 2.18 at $119.39
Ritchie Bros Auctioneers Inc. dn $ 0.14 at $ 76.17
(All figures are in Canadian dollars.)
