Forex
Loonie Tumbles Amid Stronger Dollar and Escalating Oil Prices
The Canadian dollar continues to weaken against its US counterpart on Monday morning.
The Loonie dropped to US$0.7060 or US$1=C$1.4165 as of 8:43 am CDT, down from Friday's close of US$0.7070 or US$1=C$1.4145.
This comes in the face of a stronger United States dollar, with the U.S. Dollar Index gaining 0.222 of a point at 100.930.
In related news, crude oil prices are on the rise, with West Texas Intermediate advancing US$1.88 at US$94.29 per barrel and Brent crude climbing US$1.79 at US$106.11. The TSX/S&P Composite Index also dropped 331.35 points on Monday morning at 35,469.54.