Canadian Dollar Weakens Amid Broad US Strength
The Canadian dollar weakened on Monday, influenced by broad strength in the US dollar index internationally. Compared to Friday's close of $0.7212 or $1=C$1.3866, it settled at $0.7190 or $1=C$1.3909.
A slowdown in rising gasoline prices was offset by higher prices for travel tours and rent, according to Statistics Canada, which reported a 3.0 per cent increase in the Consumer Price Index (CPI) on an annual basis in August. This matches the reading from the previous month.
The rise in oil prices had an impact as well, with West Texas Intermediate increasing by 1.8 per cent at $101.88 per barrel following attacks by Iranian-backed Houthi rebels on Saudi Arabian oil infrastructure. The TSX Composite Index also gained 5.04 points at 35,702.53 points.