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Canadian Dollar and Business Outlook: Weak crude prices keeps lid on loonie

Canadian crude dips under $4/barrel

By MarketsFarm

WINNIPEG, March 30 (MarketsFarm) – The Canadian dollar was lower Monday morning due to weak crude oil prices.

As of 8:38 CDT, the Canadian dollar was at US$0.7060 or C$1.4167, compared to Friday’s close of US$0.7114 or C$1.4056.

Crude oil prices were lower Monday morning, reaching 17-year lows, as lockdown and social distancing measures because of the COVID-19 pandemic have impeded consumer demand. Also, the Saudi Arabia/Russia crude oil price war continues.

Brent crude oil dropped US$2.03 at US$22.90 per barrel and West Texas Intermediate (WTI) lost US$1.39 at US$20.12 per barrel.

Western Canadian Select (WCS) has been particularly hit hard by the price war. After WCS closed March 27 at US$5.06 per barrel, it dropped US$1.24 this morning at US$3.82 per barrel.

The TSX/S&P Composite Index was up 93.16 points at the opening to 12,780.90, as Canada’s plus C$100 billion economic stimulus package was received on a positive note.

Gold was down US$6.39 at US$1,621.76 per ounce.

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