Canadian Financial Close: C$ steady near lows

Glacier FarmMedia | MarketsFarm — The Canadian dollar held near multi-year lows on Monday, as traders squared positions ahead of an expected interest rate cut from the Bank of Canada on Wednesday.

The Canadian dollar settled at US$0.7077 or US$1=C$1.4130 on Monday, which compares with Friday’s close of US$0.7074 or US$1=C$1.4136.

Gains in crude oil provided some underlying support for the energy-linked currency. Reports China would announce additional stimulus measures this week accounted for some of the strength in crude oil, with the latest unrest in Syria also underpinning energy markets.

West Texas crude oil up 1.37 per cent at US$68.12 per barrel.

The TSX Composite Index was down by 66.38 points to close at 25,625.42 points.