Commodities
Canadian Loonie Tumbles Amid Oil Price Slump and Iran-US Talks
The Canadian dollar, also known as the loonie, is experiencing a rough week, with its value declining on Friday morning.
The loonie was trading at US$0.7067 or US$1=C$1.4136 as of 8:49 a.m. CDT, a slight drop from its previous value of US$0.7074 or US$1=C$1.4136.
This decline is partly attributed to the United States Dollar Index, which was down 0.31 of a point at 100.97.
The commodity markets are also experiencing fluctuations, with crude oil prices declining on speculation that the U.S. and Iran may discuss a phased plan to re-open the Strait of Hormuz.
Brent crude oil eased off by US$1.38 at US$105.22 per barrel, while West Texas Intermediate retreated US$1.43 at US$93.18/barrel.