Canadian Dollar Stable as Crude Oil Prices Fall Amid Trump Comments
The Canadian dollar remained relatively stable to start the week, holding steady against its US counterpart.
At 8:41 a.m. CDT on Monday, the loonie was trading at US$0.7141 or US$1=C$1.4004, only slightly up from the previous day's rate of US$0.7142 or US$1=C$1.4002.
The stability in the Canadian dollar comes amidst a drop in crude oil prices, which fell by $3.03 to US$100.84 per barrel for Brent crude and by $3.68 to US$96.62 per barrel for West Texas Intermediate.
This decline in crude oil prices is attributed to comments made by US President Donald Trump, who expressed willingness to talk with Iranian President Masoud Pezeshkian at the United Nations General Assembly this week, as well as his decision against bombing Iran-backed Houthi rebels in Yemen.