Loonie Sinks Against USD Amid Rising Oil Prices
The Canadian dollar has continued its decline against the US dollar on Thursday, reaching a new low. As of 8:48 a.m. CDT, one US dollar was equivalent to approximately 1.4136 Canadian dollars, a slight drop from Wednesday's rate of 1.4096. The decline in the loonie is attributed to its comparison with the rising US dollar index, which has increased by 0.21 points and reached 101.30, nearing its highest level in nearly two months.
The price of crude oil has also seen an increase due to stalled talks between the US and Iran, adding uncertainty to the conflict between the two nations. Brent crude oil jumped $2.29 at $105.37 per barrel, while West Texas Intermediate gained $2.06 at $94.22/barrel.
The TSX/S&P Composite Index lost 38.91 points at 35,712.52, indicating a decline in the Canadian stock market. Gold prices also decreased by $14.80 per ounce at $4,303.60.