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Forex

Canadian Dollar Strengthens Amid Crude Oil Price Surge

Guavy AI Editorial Team
Instruments
CAD
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The Canadian dollar strengthened against its US counterpart on Wednesday morning due to gains in crude oil prices. At 9:02 am CDT, the Loonie was trading at US$0.7096 or US$1=C$1.4092, a slight improvement from Tuesday's close of US$0.7091 or US$1=C$1.4102.

The increase in crude oil prices is attributed to tensions between the US and Iran, which escalated on Wednesday morning after a temporary pause in their fighting ended. The West Texas Intermediate (WTI) crude oil price surged 6.6% to reach US$84.52 per barrel.

Meanwhile, the Toronto Stock Exchange (TSX) suffered losses, declining by 181.56 points to trade at 35,749.70 at 9:02 CDT.

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