Canadian Dollar Weakens as US Dollar Index Gains Strength Internationally

The Canadian dollar weakened on Monday as the US dollar index gained strength internationally.

The Canadian dollar closed at US$0.7190, or US$1=C$1.3909, compared to Friday's close of US$0.7212, or US$1=C$1.3866.

The Consumer Price Index in Canada rose 3.0 per cent annually in August, matching July's reading, according to Statistics Canada. The increase was largely due to higher prices for travel tours and rent, offset by a slowdown in gasoline price growth.

The West Texas Intermediate crude oil price surged 1.8 per cent to US$101.88 per barrel after attacks on Saudi Arabian oil infrastructure.