Advertisement

Canadian Dollar and Business Outlook: Loonie supported by weak U.S. dollar, higher crude oil

| 1 min read

Glacier FarmMedia | MarketsFarm – The Canadian dollar started the week strong.

The loonie was at US$0.7198 or US$1=C$1.3893 as of 8:38 a.m. CST, compared to US$0.7178 or US$1=C$1.3932 on Friday.

The United States Dollar Index plunged 0.58 of a point at 103.70. The Federal Reserve will make its key interest rate announcement on Wednesday afternoon.

Crude oil moved higher on Monday after Iran intensified its rhetoric against Israel and OPEC+ decided to delay its planned production hike to January.

Brent crude oil jumped US$1.70 at US$74.80 per barrel. West Texas Intermediate (WTI) rose US$1.75 at US$71.24/barrel.

The TSX/S&P Composite Index gained 92.54 points at 24,347.70.

Gold increased US$2.00 per ounce at US$2,751.20.