WINNIPEG, Sept. 20 (MarketsFarm) – The Canadian dollar was weaker Monday morning, with investors showing some caution as Canadians head to the polls to elect a new federal government. Broad risk-aversion in the global markets contributed to the weakness in the currency.
At 8:43 a.m. CDT Monday morning, the Canadian dollar was at US$0.7790 or US$1=C$1.2837 which compares with Friday’s North American close of US$0.7861 or US$1=C$1.2721.
Prime Minister Justin Trudeau called the election two years early in the hopes of turning his minority Liberal government into a majority.
Losses in crude oil weighed on the energy-linked Canadian dollar, with oil production around the Gulf of Mexico returning to normal after being disrupted by hurricanes.
West Texas Intermediate crude oil was down 1.5 per cent at US$70.75 per barrel.
The TSX was weaker, down 323.70 points at 8:43 CDT, trading at 20,166.66 points.