WINNIPEG – The Canadian dollar took a step back on Monday as crude oil declined to start the week.
As of 8:37 a.m. CDT, the loonie was at US$0.7982 or US$1=C$1.2528, compared to US$0.7999 or US$1=C$1.2502 on Friday. The U.S. Dollar Index was up 0.54 of a point at 99.33.
Benchmark crude oil prices were dropping on Monday due to Shanghai implementing a lockdown for half the city because of a resurgence of COVID-19. Brent crude oil fell US$7.51 per barrel to US$113.14. West Texas Intermediate (WTI) plunged US$7.78 to US$106.12/barrel. Western Canadian Select (WCS) subtracted US$5.31 to US$96.50/barrel.
The TSX/S&P Composite Index shed 67.65 points to 21,938.29.
Gold declined US$21.90 per ounce to US$1,937.90.
