Loonie Hits New Low Against USD as Crude Oil Prices Soar

The Canadian dollar closed at its lowest value against the US dollar in nearly four months.

On Wednesday, the loonie finished at US$0.7094 or C$1=US$1.4096, marking a new low since July 28.

This decline comes as the U.S. Dollar Index gained 0.50 of a point at 101.10.

Crude oil prices also rose significantly after Iranian President Masoud Pezeshkian's speech to the United Nations General Assembly, in which he stated that his country will never surrender to the US or Israel.

West Texas Intermediate increased by US$2.10 per barrel at US$92.62, while Brent crude oil advanced by US$4.28/barrel at US$103.53.