Canadian Dollar Steady Amid Crude Oil Price Hike

The Canadian dollar remained relatively stable despite the rise in crude oil prices on Monday.

Closing at US$0.7173, or US$1=C$1.3942, the loonie was essentially unchanged from its Friday value of US$0.7172 or US$1=US$1.3943.

The United States Dollar Index also saw a minor increase of 0.27 of a point to 99.81.

Rising tensions in the Strait of Hormuz, where Iran and the U.S. are both demanding compensation from each other, dimmed hopes for an imminent reopening of the waterway.

This uncertainty led to higher crude oil prices, with West Texas Intermediate rising by US$3.98 per barrel to US$82.16, and Brent crude oil jumping by US$4.13/barrel at US$87.68.