By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar climbed nearly a quarter of a cent on Monday, propelled upward by a lower United States dollar and gains in crude oil.
Also a factor was positioning ahead of Wednesday’s interest rate announcements from the Bank of Canada and the U.S. Federal Reserve.
The Canadian dollar closed at US$0.7244 or US$1=C$1.3804 compared to Friday’s close of US$0.7221 or US$1=C$1.3848. The U.S. Dollar Index gave up 0.246 of a point at 96.900.
Benchmark crude oil prices were higher on Monday, as the damage to Russian refineries by Ukraine’s weekend drone attacks is assessed.
West Texas Intermediate added 66 cents at US$63.35 and Brent crude rose 50 cents at US$67.49 per barrel.
The TSX Composite Index climbed 147.20 points on Monday to close at 29,431.02, setting another new record high.
Gold advanced US$34.40 at US$3,720.80 per ounce and less than US$5 from its record high.
