TORONTO: The Canadian dollar weakened against its US counterpart on Monday as surging Omicron coronavirus cases and a setback to prospects for a US domestic spending bill weighed on investor sentiment.

Global shares fell as the spread of the variant saw the Netherlands go into lockdown this weekend and put pressure on others to tighten restrictions. Adding to pressure on stocks, US Senator Joe Manchin said on Sunday that he would not support President Joe Biden’s $1.75 trillion “Build Back Better” investment bill.

Canada sends about 75% of its exports to the United States, including oil.

US crude prices fell 4.4% to $67.73 a barrel, while the Canadian dollar was trading 0.4% lower at 1.2932 to the greenback, or 77.33 US cents.