Canadian Dollar Stabilizes Amid Crude Oil Price Correction

The Canadian dollar remained stable on Friday, closing at US$0.7096 or US$1=C$1.4093, after four straight days of rangebound trading.

This was despite a decline in crude oil prices, which fell US$2.12 per barrel to US$90.07 for West Texas Intermediate and US$2.84/barrel to US$97.85 for Brent crude.

The ongoing U.S. attacks on Iran and the threat of conflict expanding into the Red Sea had been expected to drive up oil prices, but a correction occurred instead.