Canadian Dollar and Business Outlook: Loonie below 76 cents

Drop in crude prices, stronger US$

By MarketsFarm

WINNIPEG, Oct. 26 (MarketsFarm) – The Canadian dollar was lower Monday morning, falling below 76 U.S. cents due to weaker crude oil prices and a stronger United States dollar.

As of 8:35 CDT, the Canadian dollar was at US$0.7591 or C$1.3175, compared to Friday’s close of US$0.7610 or C$1.3140.

The U.S. Dollar Index was up 0.285 to nudge over 93.0 points as the greenback regained some lost ground against other major world currencies.

Benchmark crude oil prices were weaker Monday morning, as the soaring number of reported cases of COVID-19 globally is poised to threaten demand. Additionally, increased output from Libya has weighed on values. Meanwhile oil facilities were beginning to shutter in the Gulf of Mexico ahead of Tropical Storm Zeta, which provided support to prices.

Brent crude oil dipped 88 cents at US$40.89 per barrel. West Texas Intermediate (WTI) lost 90 cents at US$38.95 per barrel. Western Canadian Select (WCS) was down 86 cents at US$28.47 per barrel.

At the start of trading, the TSX/S&P Composite Index dropped 128.21 points at 16,175.87.

Gold was up US$1.85 at US$1,903.90 per ounce.

Futures Prices as of October 26, 2020

Canola
Price Change
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

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