Canadian Dollar and Business Outlook: Loonie firm in light of weaker greenback
Crude oil to the downside as well
The Canadian dollar was relatively steady on Monday morning, despite a sharp drop in the United States dollar
As of 8:35 am CST, the loonie was at US$0.7160 or US$1=C$1.3968 compared to Friday’s close of US$0.7154 or US$1=C$1.3979. On the U.S. Dollar Index, the greenback fell 0.867 of a point at 106.640.
Benchmark crude oil prices were lower Monday morning as the market shifted to rising geopolitical tensions and the upcoming OPEC+ conference on Dec. 1.
Brent crude oil stepped back US$1.61 at US$73.56 per barrel and West Texas Intermediate was down US$1.71 at US$69.53.
Shortly after Monday’s open, the TSX/S&P Composite Index tacked on 47.08 points at 25,491.36.
Gold dropped US$68.20 at US$2,644.00 per ounce.
