Commodities
Loonie Misses Out on Crude's Surge as US Dollar Index Gains
The Canadian dollar, also known as the loonie, experienced a slight decline on Wednesday, failing to benefit from the significant surge in crude oil prices.
Crude oil prices saw a substantial increase, with West Texas Intermediate jumping $3.81 to reach $96.84 per barrel, while Brent crude remained above $100/barrel after advancing $3.73 to $101.65.
The loonie's inability to capitalize on the crude oil price hike resulted in it finishing at US$0.7247 or US$1=C$1.3798 compared to Tuesday's close of US$0.7255 or US$1=C$1.3784.