Canadian dollar hits 18-month low amid broad US dollar strength

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, a slight drop from Friday's close of US$0.7020. The decline was largely driven by the broad strength of the U.S. dollar globally, coupled with concerns over the French deficit, which influenced activity in international financial markets.

Oil exports from the Persian Gulf surpassed pre-war levels for roughly half of September, according to shipping data released Monday. Despite this, the price of West Texas Intermediate (WTI) crude oil fell by 2.1%, settling at US$89.18 per barrel.

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