By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar stepped back on Monday morning lacking sufficient support from crude oil.
As of 8:44 am CDT, the loonie was at US$0.7268 or US$1=C$1.3758 compared to Friday’s close of US$0.7285 or US$1=C$1.3727. On the U.S. Dollar Index, the greenback dipped 0.072 of a point at 104.040.
Analysts have predicted the Bank of Canada will cut its key interest rate on Wednesday. The central bank reduced its rate from five to 4.75 per cent in June.
Benchmark crude oil prices were modestly lower on Monday morning following Sunday’s announcement by U.S. President Joe Biden that he will no longer seek re-election, as well as ongoing economic uncertainty in China.
Brent crude oil gave up 63 cents at US$82.00 per barrel and West Texas Intermediate was down 64 cents at US$79.49.
Shortly after Monday’s open the TSX/S&P Composite Index added 105.08 points at 22,795.47.
Gold was down US$1.90 at US$2,397.20 per ounce.
