Canadian Dollar and Business Outlook: Loonie slips under 72 U.S. cents
Crude oil falls with ceasefire hopes
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar was lower on Monday morning, due to sharp losses in crude oil.
As of 8:34 am CDT, the loonie was at US$0.7198 or US$1=C$1.3892 compared to Friday’s close of US$0.7209 or US$1=C$1.3872. On the U.S. Dollar Index, the greenback shed 0.057 of a point at 104.080.
Benchmark crude oil prices were weaker on Monday morning on renewed hopes of a Middle East ceasefire after Israel attacked military targets in Iran over the weekend.
Brent crude oil dropped US$4.54 at US$71.51 per barrel and West Texas Intermediate also lost US$4.54 at US$67.24.
Shortly after Monday’s open the TSX/S&P Composite Index was flat with a small increase of 4.03 points at 24,467.70.
Gold was down US$4.00 at US$2,750.60 per ounce.
