Canadian Dollar Hits 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 loonie settled at US$0.7016, or US$1=C$1.4254, slightly lower than Friday’s close of US$0.7020. Analysts attributed this decline to the broad strength of the U.S. dollar globally, exacerbated by concerns over the French deficit.

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

The Toronto Stock Exchange’s TSX Composite Index saw a modest gain, rising 15.90 points to close at 35,518.55 points.