Loonie holds as oil market comes under pressure
Economies.com
2021-03-08 16:05PM UTC
The Canadian dollar held steadily on Monday, after the oil market came under pressure, which weighs down on the commodity currency.
Oil received strong support due to fears following the attacks on Saudi oil facilities, and officials described the attacks as terrorist aimed at sabotaging the stability of the global oil supply.
As of 15:46 GMT, WTI crude April futures fell 1.3% to $65.2 a barrel, after hitting a high of $67.9 and a low of $64.9.
Brent May futures fell 1.3% to $68.4 a barrel, after hitting a high of $71.3 and a low of $68.2.
As of 16:03 GMT, CAD/USD held at 0.79, after hitting a high of 0.7922, and a low of 0.7873.
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