By Commodity News Service Canada
Winnipeg, July 21 – The Canadian dollar was slightly lower on Monday due to rising geopolitical concerns, analysts say.
At 9:16 CDT Monday morning, the loonie was down 0.06 of a cent to US$0.9310 or US$1 = C$1.0737.
Traders were assessing the potential of additional sanctions levied against Russia for its support of Ukrainian rebels, who are largely blamed for shooting down a Malaysian airliner last week.
The crash of the airliner sparked international condemnation and increased pressure on Russia to stop meddling with Ukraine. Russian officials have pointed the finger at Ukraine’s government for creating the situation and atmosphere in which in the plane was shot down by a surface-to-air missile.
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Another factor that moved the Canadian dollar lower was Israel’s ground offensive against Gaza.
It is a thin week for economic data. The major Canadian event for the week will be the May reading on retails sales, traders say. Economists expect Statistics Canada to report on Wednesday that sales rose 0.5 per cent for the month.
On the commodity markets, August crude oil rose 28 cents to US$103.41 a barrel, while August gold bullion was up to US$1,318.30 an ounce. September copper dipped one cent to US$3.17 a pound.
The TSX dropped 14.93 points to 15,251.64 at 9:16 CDT Monday morning.
