Friday, October 9th14.8°C

Loonie rises as violence in Iraq escalates, commodities push higher

TORONTO - The Canadian dollar rose Monday as a number of commodities, with the exception of oil, pushed higher amid escalating violence in Iraq.

The Canadian dollar was up 0.13 of a cent to 92.24 cents US.

The conflict in Iraq worsened over the weekend amid reports that the al-Qaida-inspired militants who captured two key Iraqi cities last week were carried out a massacre. On Sunday, the militants posted graphic photos of truckloads of Iraqi soldiers that they apparently captured and killed and vowed to march on Baghdad.

The northern town of Tal Afar has become the latest to fall to the group, which has already captured a vast swath of territory including Iraq's second-largest city, Mosul.

The city lies in an area that is a major gateway for Iraqi oil. While the loss of the city has no immediate effect on oil exports, now at more than three million barrels a day, it adds to concerns over security and the country's plans to expand oil production. The situation in the country's Sunni heartland, previously controlled by U.S. forces, has triggered fears that the world's oil supplies may be put at risk.

Still, the July crude contract dipped a penny to US$106.90 a barrel after running up last week.

Meanwhile, the growing instability in Iraq pushed traders into other over more volatile stocks.

August gold bullion added $1.20 to US$1,275.30 an ounce, while July copper rose two cents to US$3.05 a pound.

In addition to instability in Iraq, markets were looking for direction from a two-day meeting of the U.S. Federal Reserve that begins on Tuesday and the latest release of the consumer price index in Canada at the end of the week.

The Canadian Press

Read more Business News


Recent Trending

Today's Market
S&P TSX13978.66+110.31
S&P CDNX547.04+4.59
S&P 5002013.43+17.60
CDN Dollar0.7732+0.0047
Natural Gas2.506+0.008

Okanagan Companies
Pacific Safety0.23+0.01
QHR Technologies Inc1.23-0.02
Metalex Ventures0.05+0.00
Russel Metals21.55-1.57
Copper Mountain Mining0.61-0.02
Colorado Resources0.07-0.01
ReliaBrand Inc0.0166+0.0135
Sunrise Resources Ltd0.02+0.00
Mission Ready Services0.08-0.01
Decisive Dividend Corp3.11-0.10
Diamcor Mining0.94+0.06


2340085515 Beaver Lake Road, Kelowna, BC
2 bedrooms 1 baths
more details
Click here to feature your property
Please wait... loading

Income for life?

Photo: Thinkstock.comIn almost every conversation I have with clients these days, the topic swings to interest rates. What direction they’re going, how long will they stay where they are and how...

Perfect (reno'd) home

Photo: Thinkstock.comHow many times have you found a home in the perfect location, but it needs too much work as per the home inspection? There is a great program available through most lenders that w...

5 Claim misconceptions

Photo: Thinkstock.comIf you have been hurt in an accident or as a result of medical negligence you will likely look to your friends and family for some advice on how to deal with the situation. These ...



Member of BC Press Council