Canadian Dollar and Business Outlook: Loonie down as crude oil falls

Glacier FarmMedia MarketsFarm – The Canadian dollar retreated on Monday morning due to declining crude oil prices.

The loonie was at US$0.7466 or US$1=C$1.3394, down from Friday’s close of US$0.7492 or US$1=C$1.3347. The United States Dollar Index was down 0.06 of a point to 102.35.

Crude oil prices were falling after Saudi Arabia’s state producer Saudi Aramco cut its official selling prices for all regions. Brent crude oil lost US$2.95 at US$75.81 per barrel. West Texas Intermediate (WTI) tumbled US$3.04 at US$70.77/barrel.

The TSX/S&P Composite Index shed 47.86 points at 20,889.69.

Gold dropped US$23.50 at US$2,026.30 per ounce.