The Canadian dollar weakened against its U.S. counterpart on Monday as \u200dinvestors weighed \u200bthe potential of Venezuelan crude displacing some of the supply to the United States from Canada\u2019s energy sector.<\/p>\n
The loonie was trading 0.2% lower at 1.3755 per U.S. dollar, or 74.21 U.S. cents, after touching its weakest intraday level since \u2060Dec. 10 at 1.3815. It was the only G10 currency to lose ground against the greenback.<\/p>\n
\u201cI think that Canada might be one of the losers from the U.S. invasion of Venezuela,\u201d Marc Chandler, chief market strategist at Bannockburn Global \u200cForex LLC. \u201cI think \u200dthe big winners are the U.S. refiners on the gulf. They\u2019re \u200dgoing to be able to have more secure \u200csupply lines for that heavy crude.\u201d<\/p>\n
U.S. oil companies\u2019 \u2060shares jumped, fueled by the prospect of access to Venezuela\u2019s vast oil reserves \u200bafter President Donald Trump said the U.S. would take control of the South American nation following the arrest of its president.<\/p>\n
Canada, like Venezuela, produces a heavy type of crude, much of which it sends to U.S. refineries for processing. \u200bThe energy index on the Toronto Stock Exchange was down more than 3%. The Bank of Canada has signaled a potential end to its interest rate cutting campaign and Canadian Prime Minister Mark Carney has committed to invest billions of dollars on infrastructure as well as measures to raise productivity and competitiveness.<\/p>\n
\u201cI \u2060thought that the fiscal plans of Carney, expanding fiscal policy, so \u2060that combination of looser fiscal, tighter monetary (policy) was going to be good for the \u200ccurrency and I still think it will be but we\u2019ve got to get past this first part of the year,\u201d Chandler said. U.S. crude oil futures settled 1.7% higher at $58.32 a barrel as traders assessed the possible impact on crude flows from Venezuela.<\/p>\n
Canadian bond \u200cyields moved lower across the curve. The 10-year was down 4.8 basis points at 3.424%.<\/p>\n","protected":false},"excerpt":{"rendered":"The Canadian dollar weakened against its U.S. counterpart on Monday as \u200dinvestors weighed \u200bthe potential of Venezuelan crude…\n","protected":false},"author":2,"featured_media":362605,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[901,888,902,879,877,903,45,49,48,876,895,896,891,878,875,46,549,295,894,887,914,880,881,893,889,890,884,904,885,909,910,912,907,911,905,908,882,898,899,714,897,906,865,61,900,892,886,883,913],"class_list":["post-390693","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-alberta","tag-arts-news","tag-bc","tag-breaking-news","tag-breaking-news-video","tag-british-columbia","tag-business","tag-ca","tag-canada","tag-canada-news","tag-canada-sports","tag-canada-sports-news","tag-canada-trafficcanada-weather","tag-canadian-breaking-news","tag-canadian-news","tag-economy","tag-education","tag-environment","tag-federal-government","tag-foreign-news","tag-globe-and-mail","tag-globe-and-mail-breaking-news","tag-globe-and-mail-canada-news","tag-government","tag-life-news","tag-lifestyle","tag-local-news","tag-manitoba","tag-national-news","tag-new-brunswick","tag-newfoundland-and-labrador","tag-northwest-territories","tag-nova-scotia","tag-nunavut","tag-ontario","tag-pei","tag-photos","tag-political-news","tag-political-opinion","tag-politics","tag-politics-news","tag-quebec","tag-sports-news","tag-technology","tag-travel","tag-trudeau","tag-us-news","tag-world-news","tag-yukon"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/390693","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=390693"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/390693\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/362605"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=390693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=390693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=390693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}