Canadian Dollar Tumbles Amid Crude Oil Price Slump

The Canadian dollar experienced a decline on Friday morning, marking the end of a tumultuous week for the currency.

The loonie stood at US$0.7067 or US$1=C$1.4136 as of 8:49 a.m. CDT, slightly lower than its previous value of US$0.7074 or US$1=C$1.4136.

This downward trend is attributed to the decline in crude oil prices due to speculation about a potential agreement between the U.S. and Iran regarding the re-opening of the Strait of Hormuz.

Brent crude oil saw a decrease of US$1.38 at US$105.22 per barrel, while West Texas Intermediate retreated by US$1.43 at US$93.18/barrel.