Canadian Dollar Dips to 18-Month Low Against U.S. Dollar

The Canadian dollar weakened on Monday, reaching its lowest point in 18 months against the U.S. dollar. The currency settled at US$0.7016, or US$1=C$1.4254, slightly lower than Friday’s close of US$0.7020.

The decline was largely driven by the broader strength of the U.S. dollar on the global market, compounded by concerns over France’s budget deficit. These factors contributed to the Canadian dollar’s relative weakness.

Meanwhile, oil exports from the Persian Gulf surpassed pre-war levels for about half of September, according to shipping data released Monday. West Texas Intermediate crude oil prices fell 2.1% to US$89.18 per barrel.

The TSX Composite Index saw a modest gain, rising by 15.90 points to close at 35,518.55 points.