Canadian Financial Close: C$ continues downtrend

Glacier FarmMedia | MarketsFarm — The Canadian dollar continued to weaken relative to its United States counterpart on Thursday, hitting its lowest levels since May 2020.

The Canadian dollar settled at US$0.7129 or US$1=C$1.4027 on Thursday, which compares with Wednesday’s close of US$0.7153 or US$1=C$1.3980.

Broad strength in the U.S. dollar internationally accounted for much of the relative weakness in the Canadian dollar, as currency traders continued to consider what trade policies proposed by incoming President Donald Trump will mean for global markets and the U.S. economy.

Crude oil was firm, with West Texas crude oil up 0.31 per cent at US$68.64 per barrel.

The TSX Composite Index was up by 60.65 points to close at 25,049.67 points.