WINNIPEG – The Canadian dollar dropped below 79 cents United States on Monday morning.
As of 8:40 a.m. CST, the loonie was at US$0.7889 or US$1=C$1.2676, compared to Friday’s close of US$0.7912 or US$1=C$1.2639.
The United States Dollar Index advanced 0.38 of a point to 96.41, its highest level since July 2020. On Monday morning, it was reported that U.S. President Joe Biden is keeping Jerome Powell as head of the Federal Reserve for a second term.
Benchmark crude oil prices dipped on Monday morning. Brent crude oil slipped US$0.20 per barrel to US$78.69. West Texas Intermediate (WTI) declined three cents to US$75.91/barrel. Western Canadian Select (WCS) retreated US$0.27 to US$56.36/barrel.
The TSX/S&P Composite Index lost 28.96 points to 21,526.07.
A strong U.S. dollar and higher Treasury bond yields have sunk gold, falling US$37.60 per ounce to US$1,814.00.
