Canadian Dollar and Business Outlook: Loonie, stock markets start the week in the doldrums

By Commodity News Service Canada

WINNIPEG, Dec. 24 (CNS Canada) – The Canadian dollar down Monday morning along with the major North American stock markets.

At 9:39 CST Monday morning the Canadian dollar was at US$0.7358 or C$1.3588, which compares with Friday’s North American close of US$0.7371 or C$1.3566.

The TSX/S&P Composite Index was down 110.52 points or 0.70 per cent Monday morning at 13,824.92. Also falling on Monday were the S&P 500 and Dow Jones both down 1.55 per cent and the NASDAQ dropped 1.65 per cent.

Canada’s Department of Finance announced the federal deficit won’t be eliminated until 2040, based on current projections. When elected in 2015, the Liberals promised to eliminate the deficit by 2019, but projections are for a C$18.1 billion deficit at the end of the fiscal year in March. The Conservatives accused the Liberals of maxing out Canada’s credit cards while the country is at the top of the economic cycle. The NDP blame corporate tax cuts for the Liberals’ deficit spending.

Oil prices were down Monday morning. West Texas Intermediate crude was at US$44.60 per barrel after closing Friday at US$45.59.

Gold was up Monday morning by US$11.20 to US$1,265.80 per ounce.

---

Newsletter Sign Up - Get access to essential information on Canada’s cattle industry daily.

One email delivered 6 days a week for ranchers, feedlots, packers and livestock sales operators.

Your Email(Required)

Your Postal Code(Required)

Consent

I consent to receiving emails from Glacier FarmMedia, its affiliates and divisions and third parties, containing agriculture news, updates and promotions. I can unsubscribe at any time

Name

This field is for validation purposes and should be left unchanged.