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Canadian Dollar Weakens Amid Crude Oil Price Decline

Guavy AI Editorial Team
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Oil
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The Canadian dollar weakened on Monday due to significant losses in crude oil prices. West Texas Intermediate declined by 8.3% to US$81.93 per barrel, affecting the energy-linked currency.

This drop in crude oil weighed heavily on the Canadian dollar, causing it to settle at US$0.7085 or US$1=C$1.4114 compared to Friday's close of US$0.7096 or US$1=C$1.4093.

The U.S. Federal Reserve is set to make its next interest rate announcement on Wednesday, and analysts expect the central bank to leave rates unchanged. However, accompanying statements will be closely watched for signs of future moves, with a potential rate hike anticipated as early as September.

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