By MarketsFarm
WINNIPEG, March 13 (MarketsFarm) – The Canadian dollar was higher on Monday morning, benefitting from a decline in the United States dollar, but held back from further increases due to weaker crude oil.
As of 8:33 am CDT, the loonie was at US$0.7258 or C$1.3773, compared to Friday’s close of US$0.7243 or US$1=C$1.3807. On the U.S. Dollar Index, the greenback gave up 0.832 of a point at 103.320.
Benchmark crude oil prices were down sharply on Monday morning, reeling from the effects of Friday’s collapse of the Silicon Valley Bank.
Brent crude oil tumbled US$3.53 at US$79.25 per barrel and West Texas Intermediate (WTI) dropped US$3.64 at US$73.04. Western Canadian Select (WCS) retreated US$3.37 at US$56.83.
Shortly after Monday’s open the TSX/S&P Composite Index fell 311.43 points at 19,463.49.
Gold jumped US$38.80 at US$1,906.00 per ounce.
