Loonie Soars to Two-Month High on US-Iran Tensions

The Canadian dollar, also known as the loonie, reached a two-month high on Friday, closing above the US$0.72 mark.

This milestone was achieved despite the ongoing conflict between Iran and the United States, which typically leads to higher crude oil prices. However, West Texas Intermediate (WTI) crude oil added only $1.20 per barrel at $82.45, while Brent crude oil rose by a more modest $1.53/barrel at $88.60.

The TSX/S&P Composite Index peaked at an all-time high of 36,844.73 points during the session but ultimately settled at 36,730.27, down 29.02 points due to higher U.S. Treasury yields and crude oil prices.