Commodities
Loonie Sinks as US Dollar Index Hits Highest Level in Nearly Two Months
The Canadian dollar continued its decline on Thursday against its US counterpart. The loonie was trading at US$0.7074 or US$1=C$1.4136 as of 8:48 a.m. CDT, down from US$0.7094 or US$1=C$1.4096 the previous day.
The decline in the Canadian dollar comes amid a strengthening US dollar index, which rose 0.21 of a point to 101.30, its highest level in nearly two months.
Crude oil prices also increased due to tensions between the US and Iran, with Brent crude oil jumping US$2.29 at US$105.37 per barrel and West Texas Intermediate gaining US$2.06 at US$94.22/barrel.