The US dollar extended gains versus its Canadian counterpart, as the loonie was heavily offered on the back of falling oil prices.
The US dollar reached higher highs this morning and traded at its highest since 2004 against the CAD$. Around the noon it had traded 0.53% to $1.3153, reaching the highest level since 2004 at the price of C$1.1375.
WTI remained below the $47 level on Monday amid the ongoing supply glut that may get even worse when Iran starts to raise its oil output.
Iran's Oil Minister Bijan Zanganeh said on Sunday the country expects to raise its oil output by 500,000 barrels per day (bpd) as soon as economic sanctions are lifted and by about a 1 million bpd within the next few months.
