WINNIPEG– The Canadian dollar was weaker Monday morning as losses in crude oil weighed on the currency and investors awaited a policy announcement from the United States Federal Reserve later in the week.
As of 8:34 a.m. CST, the loonie was at US$0.7828 or US$1=C$1.2775, compared to Friday’s close of US$0.7865 or US$1=C$1.2714.
The U.S. Dollar Index was up 0.15 of a point to 96.25 as investors await an announcement from the U.S. Federal Reserve regarding key interest rates later this week.
Benchmark crude oil prices were declining on Monday due to fears over the Omicron COVID-19 variant. Brent crude oil retreated US$0.51 per barrel to US$74.64. West Texas Intermediate (WTI) dropped US$0.50 to US$71.17/barrel. Western Canadian Select (WCS) fell US$0.63 to US$54.43/barrel.
The TSX/S&P Composite Index lost 34.54 points at 20.856.08.
Gold gained US$0.60 per ounce to US$1,785.40.
