Canadian Dollar and Business Outlook: Loonie, crude oil decline

Glacier FarmMedia MarketsFarm – The Canadian dollar moved below the 74 United States cent mark on Monday.

The loonie was at US$0.7374 or US$1=C$1.3561, lower than Friday’s close of US$0.7404 or US$1=C$1.3507. The Bank of Canada (BoC) will announce its key interest rate decision on Wednesday with many expecting the central bank to leave the rate unchanged.

The U.S. Dollar Index was up 0.45 of a point to 103.72.

Crude oil prices were lower after OPEC+ announced “voluntary production cuts” by its member nations last week. Brent crude oil was down US$0.63 at US$78.25 per barrel. West Texas Intermediate (WTI) dropped US$0.63 as well at US$73.44/barrel.

The TSX/S&P Composite Index fell 70.48 points at 20,382.39.

Gold lost US$24.30 at US$2,065.40 per ounce. Spot gold hit an all-time high of US$2,165.39 on Monday morning, surpassing the record set in August 2020.