The Canadian dollar surpassed a sharp retreat versus the US dollar Monday, affected by oil prices that slid on speculations OPEC production levels will remain elevated.
US crude prices went up 0.05% at $60.33, but Brent crude erased 0.84% to $65.01.
The 2nd quarter will be better… We all need to see numerous figures before we are 100% “convinced that core assumption is correct,” said Greg Anderson, Global Head of Foreign Exchange Strategy at BMO Capital Markets.
The loonie closed at 79.78 US cents from Friday’s 80.41 US cents.
On Friday, the Organization of the Petroleum Exporting Countries (OPEC) will hold its semiannual meeting, which is awaited to retain production at high levels.
The material has been provided by InstaForex Company – www.instaforex.com