Canadian Dollar Hits 18-Month Low Against U.S. Dollar

The Canadian dollar hit an 18-month low on Monday, weakening 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 broad strength of the U.S. dollar globally, compounded by concerns over France’s deficit. These factors influenced global financial markets and weighed on the Canadian currency.

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

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