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Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, Oct. 19 (MarketsFarm) – The Canadian dollar was slightly stronger on Monday, despite slight losses in crude oil and uncertainty in global financial markets.

     At 8:30 CDT Monday morning the Canadian dollar was at US$0.7595 or US$1=C$1.3166, which compares with Friday’s North American close of US$0.7580 or US$1=C$1.3192.

Recent gains in global stock indices have been tempered by the looming United States Presidential Election. Just two weeks away from election day, Democratic nominee Joe Biden has widened his lead over President Donald Trump. However, global fund managers expect the outcome to be contested, and are reportedly bracing for market turbulence.

The TSX was up 18.15 points at 8:35 CDT to trade at 16,459.21 points.

Crude oil prices were slightly lower on Monday morning. The Organization of Petroleum Exporting Countries and its allies (OPEC+) will meet online later today, reviewing compliance with production cuts. West Texas Intermediate (WTI) was down by nine cents at US$40.79 per barrel. Brent Crude was down by eight cents to trade at US$42.85.

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