Canadian Dollar and Business Outlook: Hedge fund default, Ever Given move markets

Source: Canadian Cattlemen

WINNIPEG, March 29 (MarketsFarm) – The Canadian dollar was slightly lower on Monday after news surfaced of the default of the Archego Capital hedge fund, causing worries for investors.

As of 8:46 a.m. CDT, the loonie was at US$0.7940 or US$1=C$1.2594, compared to US$0.7949 or US$1=C$1.2580 when markets closed on Friday.

Benchmark oil prices were mixed on Monday under speculation OPEC+ will opt to keep oil output unchanged in May, but the recent refloating of the container ship Ever Given in the Suez Canal may cause further movement in prices.

Brent crude oil lost US$0.47 per barrel to US$64.10. West Texas Intermediate (WTI) dropped by US$0.43 to US$60.54/barrel. Western Canadian Select (WCS) increased by US$0.28 at US$50.97/barrel.

The TSX/S&P Composite Index was lower on Monday, losing 60.44 points to 18,692.14.

Gold tumbled by US$24.47 to US$1,708.05 per ounce.