Canadian dollar and business outlook

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar was slightly softer Monday morning, as losses in crude oil weighed on the energy-linked currency.

At 9:05 a.m. CDT the Canadian dollar was trading at US$0.7403 or US$1=C$1.3501, which compares with Friday’s close of US$0.7423 or US$1=C$1.3471.

Inflation data due out from the United States later this week should provide some direction for the currency markets, as investors will be following the report closely for its possible influence on interest rates.

Crude oil was pressured Monday morning by concerns over declining Chinese demand, although the ongoing conflict between Israel and Hamas kept some caution in the market. Expectations for OPEC+ supply cuts over the next quarter remained somewhat supportive. West Texas Intermediate crude down by 1.32 per cent at US$76.98 per barrel.

The value of one Bitcoin moved above US$72,000 for the first time ever on Monday.

The TSX was weaker, losing 89.96 points at 9:05 CDT to trade at 21,647.57 points.