Commodities
Loonie Tumbles Below 71 US Cents as Crude Oil Soars
The Canadian dollar closed at its lowest value since July 28, falling below the 71 US cent mark. On Wednesday, the loonie finished at US$0.7094 or US$1=C$1.4096, compared to US$0.7110 or US$1=US$1.4064 on Tuesday.
The decline of the Canadian dollar coincided with a rise in crude oil prices after Iranian President Masoud Pezeshkian's address to the United Nations General Assembly.
Crude oil saw a significant jump, with West Texas Intermediate rising US$2.10 per barrel at US$92.62 and Brent crude advancing US$4.28/barrel at US$103.53.