Canadian Dollar and Business Outlook: Loonie starts week in the red

The Canadian dollar resumed its ongoing decline on Monday morning.

The loonie was at US$0.6935 or US$1=C$1.4420 as of 8:38 a.m. CST, compared to US$0.6961 or US$1=C$1.4365 on Friday.

The Canadian markets will be closed Christmas and Boxing Day, while those in the U.S. will close only for Dec. 25.

The United States Dollar Index was up 0.50 of a point at 108.13, just shy of its high for 2024.

Crude oil continued to lose ground under the weight of a stronger U.S. dollar. Brent crude oil was down US$0.22 at US$72.72 per barrel. West Texas Intermediate (WTI) declined US$0.11 at US$69.35/barrel.

The TSX/S&P Composite Index gained 5.57 points at 24,605.05.

Gold lost US$13.00 per ounce at US$2,362.10.