Canadian Dollar Rises as Oil Prices Jump on Supply Concerns

The Canadian dollar gained ground against the US dollar on Thursday as oil prices surged due to supply concerns.

Oil prices jumped 6.2% to $92.40 a barrel after Yemen's Houthis reported attacks on two Saudi oil tankers in the Red Sea, raising worries about global supply disruptions.

Citing solid retail sales data for May and a decent flash for June, BMO Capital Markets senior economist Shelly Kaushik said 'the economy seemed to be building momentum in Q2, although additional challenges - more tariffs, extreme weather, and the renewed energy price shock - wait in the second half of the year.'