Canadian Dollar Tumbles Against Stronger US Dollar

The Canadian dollar continued to decline on Monday morning due to an increasingly strong United States dollar. The Loonie was trading at US$0.7060 or US$1=C$1.4165, down from Friday's close of US$0.7070 or US$1=C$1.4145.

The US Dollar Index also rose by 0.222 points to 100.930. This weakness in the Canadian dollar may have implications for businesses operating in Canada, particularly those that import goods or rely on exports.

Meanwhile, crude oil prices increased, with West Texas Intermediate advancing to US$94.29 per barrel and Brent crude climbing to US$106.11. The TSX/S&P Composite Index dropped by 331.35 points to 35,469.54, while gold fell to US$4,171.10 per ounce.