Canadian Dollar and Business Outlook: Loonie falling back
Tariffs roil crude oil, financial markets
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar slipped back on Monday morning due to weakness in crude oil.
As of 8:49 am CDT, the loonie was at US$0.7016 or US$1=C$1.4254 compared to Friday’s close of US$0.7034 or US$1=C$1.4216. On the U.S. Dollar Index, the greenback inched down 0.028 of a point at 102.740.
Benchmark crude oil prices were weaker on Monday morning, declining more moderately compared to Thursday and Friday although U.S. tariffs remained behind the losses.
Brent crude oil pulled back US$1.74 at US$63.84 per barrel and West Texas Intermediate lost US$1.76 at US$60.23.
Shortly after the TSX/S&P Composite Index opened, it plummeted 853.72 points at 22,339.75.
Gold was down US$8.00 at US$3,027.40 per ounce.
