Canadian Dollar Hits 18-Month Low Amid Oil Declines
The Canadian dollar weakened on Monday morning, hitting its lowest point in 18 months against the U.S. dollar before finding some support.
As of 8:50 a.m. CDT, the Canadian dollar was trading at US$0.7016, or US$1 = C$1.4253. This was slightly lower than Friday’s close of US$0.7020, or US$1 = C$1.4246. The decline was partly driven by losses in crude oil prices, as the Canadian dollar is closely tied to energy markets.
Shipping data released Monday showed that oil exports from the Persian Gulf exceeded pre-war levels for about half of September. However, the shipping situation remains unstable, contributing to market caution. West Texas Intermediate (WTI) crude oil fell 1.6% to US$89.63 per barrel.
The Toronto Stock Exchange (TSX) also saw a decline, dropping 145.41 points to trade at 35,357.24 as of 8:50 a.m. CDT.