By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar pulled back on Monday, due to a lack of support from crude oil and despite the United States dollar also giving up ground.
The loonie closed Monday at US$0.7238 or US$1=C$1.3816 compared to Friday’s close of US$0.7253 or US$1=C$1.3788. The U.S. Dollar Index lost 0.295 of a point at 96.9675.
Benchmark crude oil prices were a pinch lower on Monday, as Iraq said it will boost its exports regardless of waning global demand. However, tensions in the Middle East and in the Russia-Ukraine war limited the downturn.
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West Texas Intermediate shed four cents at US$62.64 per barrel and Brent crude dipped seven cents at US$66.61.
The Canadian government continued its efforts to diversify the country’s international trade as Finance Minister Francois-Philippe Champagne returned on Monday from consultations in Europe. Last week, Prime Minister Mark Carney signed a strategic partnership agreement with Mexico.
The TSX Composite Index set a record close for a third consecutive time on Monday. The TSX added 190.62 points to close at 29,958.98. During today’s session trading hit a high of 29,990.70 points.
Gold surged US$75.70 at US$3,781.50 per ounce, also hitting an all-time record high.
