By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar stepped back a tenth of a cent on Monday, due to sharp declines in crude oil while losses in the United States dollar tempered any further pull backs.
The loonie closed at US$0.7183 or US$1=C$1.3921 compared to Friday’s close of US$0.7173 or US$1=C$1.33941. Meanwhile, the U.S. Dollar Index gave up 0.199 of a point at 97.875.
Benchmark crude oil prices were weaker Monday, on news that OPEC+ will increase its output in November and Iraq resumed its oil exports out of Kurdistan through Turkey, further adding to global supply.
West Texas Intermediate dropped US$2.50 at US$63.22 and Brent crude lost US$2.45 at US$67.68 per barrel.
The TSX Composite Index advanced 210.63 points on Monday to close at 29,971.91, a new all-time record close. However, during trading the TSX failed to poke above 30,000 points.
Gold jumped US$49.40 at US$3,858.40 per ounce.
