By Commodity News Service Canada
WINNIPEG, MB, August 22 (CNS Canada) The Canadian dollar weakened slightly against its US counterpart Monday morning, as crude oil fell its furthest in almost four weeks.
Oil prices dropped almost three per cent as China ramped up exports of refined products, US producers added rigs for the eighth week in a row, and talks of increased exports from Iraq and Nigeria arose, weighing on the Canadian dollar.
The greenback shifted stronger on Monday as traders shift their focus on a possible interest rate hike in the coming months, also weighing on the loonie.
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At 8:46 CDT Monday, the Canadian dollar was at US$0.7740 or US$=C$1.2920, which compares with Friday’s North American close of US$0.7778 or US$1=C$1.2857.
The TSX was down 65.59 points, or 0.45 per cent, at 8:46 CDT Monday morning to sit at 14,621.87.