Canadian Dollar and Business Outlook: Weaker crude pulls down loonie
Trump holding off on Columbia tariffs
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar was lower on Monday morning due to losses in crude oil, although declines in the United States dollar moderated the step back.
As of 8:35 am CST, the loonie was at US$0.6954 or US$1=C$1.4378 compared to Friday’s close of US$0.6975 or US$1=C$1.4336.
On the U.S. Dollar Index, the greenback fell 0.290 of a point at 106.595.
Benchmark crude oil prices stepped back on Monday morning after U.S. President Donald Trump placed his threat of putting tariffs on Colombia on hold.
Brent crude oil was down 37 cents at US$78.13 per barrel and West Texas Intermediate also gave up 37 cents at US$74.29.
Shortly after Monday’s opening, the TSX/S&P Composite Index lost 264.43 points at 24,204.06.
Gold dropped US$25.10 at US$2,753.80 per ounce.
