By Commodity News Service Canada
Winnipeg, June 16 – The Canadian dollar was slightly stronger on Monday morning as crude oil and other commodities pushed higher due to the escalating violence in Iraq.
At 9:19 CDT Monday morning the Canadian dollar was at US$0.9223 or US$ = C$1.0842, down from Friday’s close of US$0.9207 or US$ = C$1.0861.
The conflict in Iraq worsened over the weekend with news that the al-Qaida-inspired militants that invaded two Iraqi cities last week were involved in a massacre. The group has already captured a territory that includes Mosul, Iraq’s second largest city, and most recently they have captured the northern town known as Tal Afar. The area around Mosul is a major gateway for Iraqi oil. While there are no immediate effects on oil exports, it adds concern over the country’s security and its plans to expand oil production.
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On the commodity markets, the July crude oil contract was at US$107.02 a barrel, rising 0.11 cents since Friday’s close. August gold bullion rose $6.50 to US$1,274.10 an ounce, and July copper rose two cents to US$3.05 a pound.
The TSX was up 44.29 points at 9:19 CDT Monday morning to sit at 15,045.90.
