WINNIPEG – The Canadian dollar took a tumble on Monday largely due to a potential economic slowdown in China.
As of 9:07 a.m. CDT, the loonie was at US$0.7740 or US$1=C$1.2920, compared to US$0.7823 or US$1=C$1.2783 on Friday. Canada’s central data agency reported on Monday that manufacturing sales fell 0.8 per cent in June, led by declines in the petroleum and coal sector.
The United States Dollar Index jumped 0.57 of a point at 106.20.
Concerns over Chinese demand and a potential Iranian supply boost caused major declines in crude oil prices on Monday. Brent crude oil fell US$4.40 per barrel to US$93.75. West Texas Intermediate (WTI) dropped US$4.30 at US$87.79/barrel. Western Canadian Select (WCS) lost US$5.05 to US$67.39/barrel.
The TSX/S&P Composite Index shed 108.94 points to 20,070.87.
Gold fell US$23.90 per ounce to US$1,791.60.
