Loonie Surges Amid Crude Oil Rally and US Dollar Slide

The Canadian dollar continued to gain strength on Thursday morning as its US counterpart declined. The rise in crude oil prices contributed to this trend, which has been ongoing for some time.

As of 8:42 am CDT, the Loonie was trading at US$0.7244 or US$1=C$1.3805 compared to Wednesday's close of US$0.7213 or US$1=C$1.3863. This represents a minor increase in value.

The drop in the United States Dollar Index, which fell 0.547 of a point at 99.005 due to a global bond selloff, also played a role in the Canadian dollar's gain.