Canadian Dollar Surges Amid Iran Tensions and Crude Oil Price Hikes

The Canadian dollar continued its upward trend on Thursday morning, as it strengthened against the US dollar. The loonie gained traction after crude oil prices rose due to increased tensions between the US and Iran.

Crude oil prices surged with West Texas Intermediate climbing 86 cents to reach $91.87 per barrel and Brent crude adding 59 cents at $96.22. This uptick in oil prices helped boost the Canadian dollar, which reached a value of $0.7244 or $1 = C$1.3805 as of 8:42 am CDT.

The US Dollar Index dropped by 0.547 points to 99.005 amid a global bond selloff. The TSX/S&P Composite Index also gained ground, rising by 249.18 points on Wednesday morning to reach 36,340.79.