Canadian Dollar Hits 18-Month Low Amid Strong US Dollar

The Canadian dollar weakened on Monday, reaching an 18-month low against the U.S. dollar. The currency settled at US$0.7016, or US$1=C$1.4254, slightly down from 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 budget deficit impacting international financial markets.

Meanwhile, oil exports from the Persian Gulf surpassed pre-war levels for roughly half of September, according to shipping data released Monday. This uptick in supply contributed to a 2.1% drop in West Texas Intermediate (WTI) crude oil prices, which fell to US$89.18 per barrel.

On the Toronto Stock Exchange, the TSX Composite Index climbed 15.90 points to close at 35,518.55 points, reflecting modest gains in the broader market.