Canadian Dollar and Business Outlook: Loonie takes a dip
Increase in U.S. greenback adds more pressure
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar eased back on Monday morning amid ongoing turmoil surrounding Prime Minister Justin Trudeau’s leadership.
As of 8:44 am CST, the loonie was at US$0.6932 or US$1=C$1.4433 compared to Friday’s close of US$0.6937 or US$1=C$1.4416. On the U.S. Dollar Index, the greenback gained 0.328 of a point at 108.120.
Benchmark crude oil prices drifted upward Monday morning amid light activity as the trade bides its time until economic reports from China and the U.S. later this week.
Brent crude oil tacked on 18 cents at US$74.35 per barrel and West Texas Intermediate bumped up 42 cents at US$71.02.
Shortly after Monday’s open, the TSX/S&P Composite Index dropped 269.24points at 24,527.16.
Gold lost US$10.50 at US$2,621.40 per ounce.
