WINNIPEG – The Canadian dollar is gaining some strength to start the week.
As of 8:36 a.m. CST, the loonie was at US$0.7443 or US$1=C$1.3435 on Monday morning, up from US$0.7425 or US$1=C$1.3468 at Friday’s close. On Wednesday, the Bank of Canada (BoC) is expected to raise its key interest rate one final time before the New Year in an effort to combat inflation.
The U.S. Dollar Index gained 0.05 of a point at 104.59.
Crude oil surged on Monday after China eased its COVID-19 restrictions and OPEC+ opted to keep crude oil output steady. Also, a price cap on Russian oil at US$60 per barrel by the European Union and the Group of Seven came into effect today. Brent crude oil jumped US$2.17/barrel to US$87.74. West Texas Intermediate (WTI) rose US$2.18 at US$82.16/barrel. Western Canadian Select (WCS) increased US$1.92 to US$53.58/barrel.
The TSX/S&P Composite Index lost 33.13 points to 20,452.53.
Gold declined US$6.90 per ounce to US$1,802.70.
