Loonie Takes a Step Back as Crude Oil Prices Surge

The Canadian dollar, also known as the Loonie, took a small step back over the weekend. Its value decreased to US$0.7166 or US$1 = C$1.3955 as of 8:34 a.m. CDT on Monday. This represents a slight drop from its Friday close of US$0.7172 or US$1 = C$1.3943.

Meanwhile, the United States Dollar Index rose by 0.16 of a point to 99.70. The increase in value of the US dollar contributed to the Loonie's decline.

Crude oil prices, however, saw an uptick due to ongoing uncertainty in the Middle East. Brent crude oil increased by US$1.47 to US$85.02 per barrel, while West Texas Intermediate rose by US$1.29 to US$79.47/barrel.