Canadian Financial Close: Loonie, crude oil rise higher

Glacier FarmMedia – The Canadian dollar maintained its positive momentum on Monday, aided by gains in crude oil and despite a strong gain in the United States dollar.

The loonie closed at US$0.7228 or US$1=C$1.3835 on Monday, compared to US$0.7218 or US$1=C$1.3854 on Friday.

The U.S. Dollar Index added 0.70 of a point at 98.42.

Crude oil prices were up after Ukraine attacked Russian energy infrastructure last night. West Texas Intermediate gained US$1.06 per barrel at US$64.72. Brent crude oil rose US$1.01/barrel at US$68.74.

The TSX/S&P Composite Index dropped 163.19 points at 28,169.94 as the rally over a speculated rate cut from the U.S. Federal Reserve lost steam.

Gold shed US$8.20 per ounce at $3,410.30.