Canadian Dollar Weakened Despite Crude Oil Surge

The Canadian dollar took a dip on Monday morning despite an uptick in crude oil prices.

At 8:52 a.m. CDT, the currency was trading at US$0.7182 or US$1=C$1.3924 compared to Friday's close of US$0.7212 or US$1=C$1.3866.

The Consumer Price Index in Canada rose by 3.0 per cent in August on an annual basis, matching the reading from the previous month, according to Statistics Canada.

A slowdown in rising gasoline prices was offset by higher prices for travel tours and rent, contributing to the inflation rate.

Crude oil values increased due to attacks by Iranian-backed Houthi rebels on Saudi Arabian oil infrastructure, pushing West Texas Intermediate up by 3.7 per cent to US$103.72 per barrel.