Canadian Financial Close: COVID-19 surge in U.S. weakens loonie

U.S. nearly at 3 million cases

By MarketsFarm

WINNIPEG, July 7 (MarketsFarm) – The Canadian dollar was lower on Tuesday, as the North American stock markets were concerned about the resumption of lockdown measures due to a surge in the number of reported cases of COVID-19 in the United States.

The loonie finished the day at US$0.7362 or US$1=C$1.3583, compared to Monday when it closed at US$0.7384 or US$1=C$1.3543.

Johns Hopkins University reported the U.S. has about 2.97 million cases of the novel coronavirus, which have resulted in almost 131,000 deaths. More than 924,000 people have recovered from COVID-19.

The TSX Composite Index lost 74.17 points on Tuesday, to close at 15,595.50. In the U.S., the Dow Jones fell 396.85 at 25,890.18 points. The NASDAQ slipped 89.76 to close at 10.343.89, and the S&P 500 was down 34.35 at 3,145.37 points.

Benchmark crude oil prices were slightly lower on Tuesday as the pandemic surge weighed on values. However, oil production cuts in Saudi Arabia and Russia prevented prices from falling further.

Brent crude oil lost 29 cents at US$42.81 per barrel. West Texas Intermediate (WTI) crude oil also dropped 29 cents at US$40.34 per barrel. Western Canadian Select (WCS) slipped 13 cents at US$33.08 per barrel.

Gold climbed US$10.80 at US$1,795.49 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries dn $ 0.04 at $ 2.47
Linamar Corp. dn $ 0.69 at $ 37.56
Maple Leaf Foods dn $ 0.18 at $ 28.55
Nutrien Ltd. dn $ 0.66 at $ 44.34
Ritchie Bros Auctioneers Inc. up $ 0.63 at $ 55.79
Rocky Mountain Dealerships Inc. up $ 0.11 at $ 4.25
(All figures are in Canadian dollars.)

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