Glacier FarmMedia – The Canadian dollar pulled back on Monday due to a strong upswing in the United States dollar and despite sharp gains in crude oil.
The loonie closed at US$0.7306 or US$1=C$1.3688, compared to US$0.7330 or US$1=C$1.3642 on Friday. The United States Dollar Index rose 0.98 of a point at 98.59.
Air strikes on Iran and other Middle East countries caused crude oil prices to skyrocket. West Texas Intermediate added US$4.54 per barrel at US$71.56. Brent crude oil climbed US$5.56/barrel at US$78.43.
The TSX/S&P Composite Index reached a record-high close of 34,541.27 points on Monday, up 201.28 from Friday.
Gold also followed crude oil’s lead, rising US$103.10 per ounce at US$5,351.00.
