Loonie Dives Amid Rising Crude Oil Prices

The Canadian dollar took another step back on Thursday, closing at its lowest value since July 13. It finished at US$0.7074 or US$1=C$1.4136, down from Wednesday's close of US$0.7094 or US$1=US$1.4096.

The U.S. Dollar Index gained 0.17 of a point at 101.27, contributing to the loonie's decline.

However, crude oil prices jumped in response to the stalemate in talks between the U.S. and Iran. West Texas Intermediate rose US$3.13 per barrel at US$95.29, while Brent crude oil increased by US$4.41/barrel at US$107.49.