Loonie Holds Steady as Crude Oil Prices Correct

The Canadian dollar remained in a tight range for a fourth consecutive day despite crude oil prices retreating on Friday.

The loonie closed at US$0.7096 or US$1=C$1.4093, up slightly from the previous day's close of US$0.7101 or US$1=US$1.4083.

Crude oil prices corrected their recent gains, with West Texas Intermediate declining by US$2.12 per barrel to US$90.07 and Brent crude dropping by US$2.84/barrel to US$97.85. The decline comes despite ongoing US attacks on Iran and the threat of conflict expanding into the Red Sea.