Compiled by Glen Hallick, MarketsFarm
WINNIPEG, May 9 (MarketsFarm) – The Canadian dollar was lower on Monday morning due to declines in crude oil prices and a firmer United States dollar.
As of 8:38 am CDT, the Canadian dollar was at US$0.7737 or C$1.2920, compared to Friday’s close of US$0.7763 or C$1.2882.
On the U.S. Dollar Index, the greenback nudged up 0.066 of a point at 103.760.
Benchmark crude oil prices were lower on Monday morning, as the European Union looked to weaken its ban on Russian oil imports, plus Saudi Arabia cutting its oil prices due to poor demand from China.
West Texas Intermediate (WTI) lost US$2.29 at US$107.48 per barrel. Brent crude oil dropped US$2.07 at US$110.32 per barrel. Western Canadian Select (WCS) fell US$2.88 at US$93.53 per barrel.
At the open, the TSX/S&P Composite Index retreated 314.39 points at 20,318.89.
Gold was down US$12.40 at US$1,870.40 per ounce.
