By Commodity News Service Canada
WINNIPEG, March 25 (MarketsFarm) The Canadian dollar dropped over the weekend, following falling oil prices and market uncertainty.
At 8:45 CDT Monday morning the Canadian dollar was at US$0.7444 or C$1.3434, which compares with Friday’s North American close of US$0.7457 or C$1.3411.
Crude oil prices continue to drop, despite increasing by nearly 30% since the beginning of 2019. West Texas Intermediate lost 20 cents to trade at US$58.84 per barrel at 8:45 CDT, while Brent Crude similarly lost 19 cents to trade at US$66.84
Special Counsel Robert Mueller’s report was released over the weekend, and found no proof of collusion between the Trump campaign and Russia during the 2016 election. Global stock futures fell slightly in the wake of this report. Analysts speculated that Trump’s clearance would help drive a risk-on response from markets, according to reports.
“Removing the impeachment cloud would also boost Trump’s efforts to negotiate trade deal as world leaders would recognize Trump’s position is secure for the next two years,” said Neil Dutta, head of economics at Renaissance Macro Research.
The TSX fell at 8:45 CDT, down 43.94 points at 16,045.39.