By Commodity News Service Canada
Winnipeg, Dec 29 – The Canadian dollar was weaker relative to the US dollar on Monday, falling below the 86 cents US mark.
At 11:51 CST Monday, the Canadian dollar was trading at US$0.8587 or US$1=C$1.1646, which compares with last Wednesday’s North American close of US$0.8604 or US$1=C$1.1623. Canadian markets were closed Thursday and Friday for Christmas and Boxing Day.
Ongoing worries about the recent sharp drop in oil prices were weighing on the Canadian dollar, analysts said. Economists believe the weakening oil market will hurt Canadian economic growth.
Weakness in other commodities, including gold, was also weighing on the loonie.
Continued concerns about political problems in Greece were bearish as well, though positive economic news out of China was supportive.
The Toronto Stock Exchange was up 92.98 points, or 0.64%, at 11:51 CST Monday, to sit at 14,700.29.
