Canadian Dollar Weakens Further on Friday

The Canadian dollar continued its downward trend on Friday, weakening further against the US dollar. The currency settled at $0.7142 or $1=C$1.4002, a slight decline from Thursday's close of $0.7149 or $1=C$1.3988.

Expectations of more interest rate hikes from the US Federal Reserve, following its recent increase in rates, supported the US dollar globally. The ongoing conflict in the Middle East kept oil prices cautious, although there were signs that the closure of Saudi Arabia's East/West pipeline after a drone attack would not disrupt oil flows as much as initially thought.

West Texas Intermediate crude oil fell by 1.9% to $95.39 per barrel. The TSX Composite Index also declined, losing 67.61 points to close at 35,806.65 points.