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Canadian Financial Close: Loonie takes a tumble

US dollar higher, crude oil drops

By MarketsFarm

WINNIPEG, Jan. 11 (MarketsFarm) – The Canadian dollar weakened on Monday as its United States counterpart gained strength and crude oil prices were down.

The dollar finished at US$0.7820 or US$1.2788, compared to Friday’s close of US$0.7871 or US$1=C$1.2705.

The greenback reached 90.500 points on the U.S. Dollar Index, moving above the 90 mark for the first time in more than a week.

Benchmark crude oil prices were lower on Monday, due to concerns of a surge in COVID-19 cases, particularly in China and the United Kingdom.

Brent crude oil dropped 38 cents at US$55.61 per barrel. West Texas Intermediate (WTI) crude oil was down four cents at US$52.20/barrel. Western Canadian Select (WCS) crude oil was unchanged at US$37.71/barrel.

The TSX Composite Index lost 107.62 points on Monday to finish at 17,943.45.

Gold was down US$3.45 at US$1,845.56 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.78
Linamar Corp. up $ 0.04 at $ 73.15
Maple Leaf Foods dn $ 0.22 at $ 26.88
Nutrien Ltd. up $ 0.24 at $ 65.61
Ritchie Bros Auctioneers Inc. dn $ 3.74 at $ 84.27
Rocky Mountain Dealerships Inc. unchanged at $ 7.40
(All figures are in Canadian dollars.)

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