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Canadian Financial Close: Loonie drops following the stock market

WINNIPEG, Feb. 5 (CNS Canada), Feb 05, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

WINNIPEG, Feb. 5 - The Canadian dollar dropped Monday, as losses in the price of oil and the stock market dragged it down.

The Canadian dollar settled Monday at US$0.8011 or C$1.2483, compared to Friday's North American close of US$0.8078 or C$1.2380.

Oil prices fell Monday as rising United States output, a weaker physical market and recent dollar strength added to pressure from a widespread decline across equities and commodities markets. Brent crude dropped US$1.12, or 1.6 per cent, to US$67.46 per barrel.

The Dow Jones Industrial Average dropped sharply Monday, erasing gains made since the start of the year. Signs that inflation is firming raised some traders' expectations that the United States Federal Reserve may hike interest rates four times this year. The Dow dropped 1,175.21 points, or 4.6 per cent, to 24,345.75.

In Toronto, the TSX/S&P Composite Index hit its lowest level in four and a half months Monday as a global selloff and weakness in energy prices hit investor sentiment. The TSX/S&P dropped 271.22 points, or 1.74 per cent, to 15,334.81.

     Canada's agricultural sector performed as follows:
     AGT Food and Ingredients-----up  $ 0.50    at $ 20.94
     Buhler Industries------------unchanged     at $  4.33
     Maple Leaf Foods-------------dn  $ 0.42    at $ 33.94
     Nutrien Ltd.-----------------dn  $ 1.49    at $ 60.65

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