Canadian Financial Close: C$ weakens Monday

Glacier FarmMedia | MarketsFarm — The Canadian dollar was weaker on Monday, as currency traders adjusted positions ahead of an expected interest rate cut from the Bank of Canada later this week. Losses in equity markets and crude oil contributed to the softer tone.

The Canadian dollar settled at US$0.6930 or US$1=C$1.4431, which compares with Friday’s close of US$0.6958 or US$1=C$1.4371.

Uncertainty over trade relations continued to overhang the market, amid shifting sentiment from the United States and new tariffs on Canadian imports announced by China over the weekend.

Crude oil was weaker, with West Texas crude oil down by 1.61 per cent at US$65.96 per barrel.

The TSX Composite Index lost 378.05 points to close at 24,380.71 points.