Commodities
Canadian Dollar Steady as Crude Oil Prices Rise on Iran-Oman Deal
The Canadian dollar remained steady on Thursday morning, holding its ground against the US dollar. As of 8:45 a.m. CDT, the loonie was trading at US$0.7207 or US$1=C$1.3876, unchanged from the Bank of Canada's closing rate on Wednesday.
Meanwhile, crude oil prices saw an upward movement as traders reacted to a new deal between Iran and Oman that aims to create a shipping lane in the Strait of Hormuz. The ongoing uncertainty surrounding the U.S.-Iran conflict also contributed to the increase in oil prices.
Brent crude oil rose by US$1.16 at US$89.00 per barrel, while West Texas Intermediate increased by US$0.55 at US$82.78/barrel. However, the TSX/S&P Composite Index declined 121.88 points to 36,691.77.