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Canadian Dollar and Business Outlook: Loonie steady to start week

By MarketsFarm

WINNIPEG, Dec. 9 (MarketsFarm) – The Canadian dollar was firm Monday morning, as a report on housing starts was balanced off by a small decreases in crude oil prices.

As of 8:42 CDT, the Canadian dollar was at US$0.7550 or C$1.3245. That compares to Friday’s North American close of US$0.7544 or C$1.3255.

Support came from a report released by the Canadian Mortgage and Housing Corporation on Monday, which stated housing starts in the country were up by 0.3 per cent in November.

Crude oil prices were slightly lower Monday morning, as China reported its exports continued to slide for a fourth-consecutive month. The ongoing United States/China trade war was said to be the reason for the decline.

Brent crude oil slipped 37 cents at US$64.02 per barrel and West Texas Intermediate eased 53 cents at US$58.67 per barrel. Western Canadian Select was down 69 cents at US$38.52 per barrel.

That led the TSX/S&P Composite Index to open slightly lower by 21.10 at 16,975.87 points.

Gold was up US$2.50 at US$1,467.60 per ounce.

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