By MarketsFarm
WINNIPEG, Feb. 6 (MarketsFarm) – The Canadian dollar fell back on Monday morning as the United States dollar gained strength. However, the losses were tempered by increases in crude oil prices.
As of 8:34 am CST, the loonie was at US$0.7444 or C$1.3434, compared to Friday’s close of US$0.7468 or US$1=C$1.3391. On the U.S. Dollar Index, the greenback advanced 0.490 of a point at 103.245.
Benchmark crude oil prices were higher on Monday morning, after the flow of oil was turned off to the Ceyhan export terminal in Turkey following two major earthquakes that struck that country and Syria.
Brent crude oil rose 66 cents at US$80.60 per barrel. West Texas Intermediate (WTI) tacked on 32 cents at US$73.71/barrel. Western Canadian Select (WCS) was up 62 cents at US$51.39/barrel.
Shortly after Monday’s open the TSX/S&P Composite Index lost 101.16 points at 20,657.18.
Gold was up US$8.70 at US$1,885.30 per ounce.
