Loonie Dips Below 71 Cents Amid Crude Oil Correction and Iran Tensions

The Canadian dollar took a hit on Friday morning, dipping below 71 US cents as crude oil prices saw a correction. The loonie's value was at US$0.7085 or US$1=C$1.4114 by 8:34 am CDT, compared to Thursday's close of US$0.7101 or US$1=C$1.4083. This decline comes as the U.S. continued its attacks on Iran, with Brent crude oil losing US$2.93 at US$97.76/barrel after surpassing the US$100/barrel mark on Thursday.

The TSX/S&P Composite Index attempted to recover from Thursday's selloff, gaining 80.34 points at 35,273.00. Meanwhile, gold added $0.30 per ounce at US$4,050.50.