Canadian Dollar Hits Six-Week High Amid Global Tensions

The Canadian dollar has reached its highest level in six weeks against the US dollar. The currency settled at US$0.7136 or US$1=C$1.4014, a gain from Wednesday's close of US$0.7101 or US$1=C$1.4083.

This comes as the US and Iran continue to engage in attacks with little progress towards ending the conflict. The ongoing tensions have had an impact on global markets, but their effect is being felt more acutely in the crude oil market. West Texas Intermediate was down 0.4% at US$84.12 per barrel.

The Bank of Canada's July 15 meeting minutes revealed a split opinion among policymakers regarding the sustainability of the country's economic recovery. The US economy, meanwhile, expanded by 1.5% in the second quarter, down from 2.1% in the previous three months. The TSX Composite Index was up by 172.06 points at 35,505.84 points.