Compiled by Glen Hallick, MarketsFarm
WINNIPEG, June 13 (MarketsFarm) – In adding to the sharp declines on Friday, the Canadian dollar continued pulling back on Monday morning. The loonie was being pushed lower by a surging United States dollar and weakness in global crude oil prices.
As of 8:35 am CDT, the Canadian dollar was at US$0.7788 or C$1.2849, compared to Friday’s close of US$0.7827 or C$1.2777.
On the U.S. Dollar Index, the greenback gained 0.637 of a point at 104.650.
Benchmark crude oil prices were weaker on Monday morning due to monetary tightening the U.S. and the prospect of more COVID-19 lockdowns in China.
West Texas Intermediate (WTI) fell US$1.21 at US$119.46 per barrel. Brent crude oil gave up US$1.08 at US$120.93 per barrel. Western Canadian Select (WCS) lost US$1.65 US$99.97 per barrel.
At the open, the TSX/S&P Composite Index plummeted 331.43 points at 19,943.39.
Gold dropped US$32.10 at US$1,843.40 per ounce.
