Loonie Loses Ground as Crude Oil Prices Surge Amid Middle East Tensions
The Canadian dollar experienced a slight decline over the weekend, registering a small step back in its value. As of 8:34 a.m. CDT on Monday morning, the loonie stood at US$0.7166 or approximately US$1=C$1.3955. This marks a minor decrease from Friday's close of US$0.7172 or US$1=C$1.3943.
The United States Dollar Index also showed an increase, rising 0.16 of a point to 99.70. Meanwhile, crude oil prices saw a boost due to ongoing tensions in the Middle East. Brent crude oil added US$1.47 to reach US$85.02 per barrel, while West Texas Intermediate rose by US$1.29 to US$79.47/barrel.
The TSX/S&P Composite Index began the week with a slight gain of 0.13 of a point at 36,381.36. In contrast, gold prices dipped, falling $4.60 per ounce to US$4,395.10.