The Canadian dollar was slightly firmer on Monday, trading near its highest level relative to its United States counterpart in three weeks as investors continued to follow developments out of the Middle East.
- The Canadian dollar settled at US$0.7240 or US$1=C$1.3812, which compares with Friday’s close of US$0.7233 or US$1=C$1.3825.
- The total value of building permits issued in Canada decreased by 8.4 per cent in February to reach $12.1 billion, reported Statistics Canada. The non-residential sector accounted for all the decline, falling by C$1.3 billion while the residential sector was up by C$135.6 million.
- Failed talks between the United States and Iran over the weekend sent oil prices climbing higher, although prices moved off their highs as the day progressed. U.S. President Donald Trump announced a blockade of vessels going to and from Iran, while Iran made fresh threats against U.S. allies in the region.
- West Texas Intermediate initially climbed above US$100 per barrel but was only up by 1.43 per cent by Monday afternoon at US$97.95 per barrel.
- The TSX Composite Index gained 183.48 points at 33,879.24 points.
