Glacier FarmMedia — The Canadian dollar was slightly firmer relative to its United States counterpart on Monday.
- The Canadian dollar settled at US$0.7207 or US$1=C$1.3875, which compares with Friday’s close of US$0.7196 or US$1=C$1.3896.
- Gold climbed to record highs to start the week, rising above US$4,600 per ounce for the first time ever.
- Currency and commodity markets reacted to a criminal investigation into U.S. Federal Reserve Chair Jerome Powell and his testimony on the US$2.5 billion renovation of the central bank’s headquarters. Powell said the investigation by the U.S. Department of Justice was an attempt by Donald Trump’s government to undermine the Fed’s independence setting interest rates.
- Canadian Prime Minister Mark Carney begins his visit to China on Tuesday, with trade expected to be a key topic of discussion.
- Crude oil held relatively steady, with West Texas Intermediate crude oil down by 0.19 per cent at US$59.01 per barrel.
- The TSX Composite Index gained 261.77 points at 32,874.70 points.
