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Canadian dollar and business outlook

| 1 min read

By Commodity News Service Canada

WINNIPEG, Aug. 29 (CNS Canada) The Canadian dollar was weaker Monday morning, with declines in crude oil putting some spillover pressure on the energy-linked currency.

At 9:18 CDT Monday morning the Canadian dollar was at US$0.7676 or C$1.3028 which compares with Friday’s North American close of US$0.7692 or C$1.3000.

Reports of increased oil output out of OPEC countries weighed on crude oil prices Monday morning.

Relative strength in the US dollar index was also bearish for the Canadian currency, as expectations mount for the possibility of a US interest rate hike in September.

There were no significant domestic economic releases on Monday. Gross domestic product data for the second quarter will be released on Wednesday.

The TSX was stronger, up 32.10 points at 9:18 CDT to sit at 14,671.98.