Canadian Dollar Hits 18-Month Low Amid Oil Price Declines
The Canadian dollar weakened early Monday, hitting its lowest point in 18 months against the U.S. dollar before stabilizing. At 8:50 a.m. CDT, the loonie was trading at US$0.7016, or US$1 = C$1.4253, 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, which impact the energy-linked Canadian currency. West Texas Intermediate (WTI) fell 1.6% to US$89.63 per barrel. Shipping data released Monday showed that oil exports from the Persian Gulf had briefly exceeded pre-war levels in September, but uncertainty in shipping kept markets cautious.
The Toronto Stock Exchange (TSX) also declined, shedding 145.41 points to trade at 35,357.24 at 8:50 a.m. CDT. No major domestic economic news was reported, leaving crude oil trends as the primary factor influencing currency movements.