TORONTO -- The Canadian dollar moved lower Monday morning as oil prices declined before the start of a European Union summit later this week aimed at shoring up the eurozone economy.
The loonie was down 0.56 of a cent at 97.04 cents US.
In commodities, the August crude contract on the New York Mercantile Exchange was down 85 cents at US$78.91 a barrel.
August gold was up $4.50 at US$1,571.40 an ounce, while July copper rose two cents to US$3.28 a pound.
The leaders of France, Germany, Italy and Spain agreed to push for a growth package of up to C130 billion (US$163 billion) at a European Union summit that's intended to kick-start the economy and safeguard the currency bloc.
But investors, already worried about an economic slowdown in the U.S. and China, were preparing for the European leaders to disappoint at their gathering in Brussels that begins on Thursday.
Economists said the size of the growth package would be modest, about one per cent of the euro alliance's gross domestic product. But they said it marked a recognition by German Chancellor Angela Merkel that more government spending would be needed.
