Canadian Financial Close: C$ weakens Monday

Glacier FarmMedia | MarketsFarm — The Canadian dollar was weaker on Monday, as currency traders adjusted positions ahead of the Bank of Canada’s next interest rate decision later in the week.

The Canadian dollar settled at US$0.7228 or US$1=C$1.3835 on Monday, which compares with Friday’s close of US$0.7245 or US$1=C$1.3802.

Many investors now anticipate a 50-basis-point cut to the Bank of Canada’s overnight rate on Wednesday.

Crude oil was firmer, with West Texas crude oil up by 1.70 per cent at US$70.40 per barrel.

The TSX Composite Index backed away from nearby highs, down by 99.21 points to close at 24,723.33 points.