Loonie Weakens Amid Crude Oil Gains and Ongoing Mideast Tensions

The Canadian dollar weakened on Monday morning despite gains in crude oil prices.

Closing at US$0.7182 or US$1=C$1.3924, the Loonie was down from Friday's close of US$0.7212 or US$1=C$1.3866.

The rise in crude oil values to start the week was driven by attacks on Saudi Arabian oil infrastructure by Iranian-backed Houthi rebels, which sent West Texas Intermediate up 3.7% to US$103.72 per barrel.

The TSX also declined, down 8.97 points at 35,688.52.