WINNIPEG – The Canadian dollar is virtually unchanged on Monday despite a large drop in oil prices.
As of 9:00 a.m. CDT, the loonie was at US$0.7969 or US$1=C$1.2549, compared to US$0.7968 or US$1=C$1.2550 when markets closed on Friday.
Crude oil suffered losses on Monday due to fears over the COVID-19 Delta variant. Brent crude oil dropped US$1.93 per barrel to US$68.77. West Texas Intermediate (WTI) fell US$1.94 to US$66.34/barrel. Western Canadian Select (WCS) retreated US$2.37 to US$52.12/barrel.
The TSX/S&P Composite Index lost 84.98 points at 20,390.44.
Gold took a big tumble, falling US$25.21 per ounce to US$1,737.82.
