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Loonie Weakens as Oil Dips, Greenback Climbs

Posted May 09, 2017

Under Economic Issues, International Trade Issues


(Reuters)

The Canadian dollar weakened against its U.S. counterpart on Tuesday as oil priced dipped and the greenback climbed against a basket of major currencies.

The U.S. dollar posted broad gains as foreign exchange markets swung back to bets on improving growth and tighter monetary policy. The pickup in investor sentiment has been bolstered by historically low U.S. stock market volatility and last weekend’s French presidential election result.

U.S. crude prices were down 0.37 percent at $46.26 a barrel, pressured by a rise in U.S. crude output that has shaken investors’ faith in the ability of Organization of the Petroleum Exporting Countries to rebalance the market. Click here to read more.

Related: The Canadian Dollar Has Taken a Beating, and with Good Reason (Maclean’s)