Canadian Loonie Steady as Crude Oil Prices Surge
The Canadian dollar remained stable despite an increase in crude oil prices on Monday. The loonie closed at US$0.7173 or US$1=C$1.3942, showing little change from its Friday price of US$0.7172 or US$1=US$1.3943.
The United States Dollar Index added 0.27 of a point to reach 99.81. This minor adjustment was overshadowed by the rising crude oil prices.
West Texas Intermediate increased by US$3.98 per barrel to US$82.16, while Brent crude oil jumped US$4.13/barrel to US$87.68. These price hikes are likely a result of ongoing tensions in the Strait of Hormuz, where Iran and the U.S. have been demanding compensation from each other.
The TSX/S&P Composite Index continued its upward trend, reaching another all-time high at 36,534.15 points before settling at 36,458.33, up 77.10 points from Friday.