By MarketsFarm
WINNIPEG, April 29 (MarketsFarm) The Canadian dollar was slightly weaker Monday morning, amid tumultuous gas prices.
At 8:45 CDT Monday morning, the Canadian dollar was at US$0.7424 or C$1.3409, which compares with Friday’s North American close of US$0.7429 or C$1.3460.
Crude oil prices fell on Monday morning, after United States President Donald Trump demanded that OPEC and its allies raise output to soften the impact of U.S. sanctions against Iranian oil. Prices have been rallying consistently thanks to a tightening global supply due to sanctions and civil strife in Venezuela and Libya.
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“We are dealing with a market that’s not actually short of supply but is short due to politically-motivated action, and we know how quickly that can be turned around if necessary,” said Saxo Bank analyst Ole Hansen to Reuters.
The U.S. Department of Commerce reported that U.S. consumer spending increased significantly in March. Purchases rose 0.9 per cent in March, after increasing just 0.1 per cent the month prior. This is the largest increase in consumer spending in over nine yearas, according to Reuters.
The TSX lost at 8:45 CDT, down 18.92 points at 16,506.53.
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