Canadian Dollar Surges Amid Oil Price Hike

The Canadian dollar continued its upward trend on Thursday morning, while its US counterpart slipped. This shift was largely attributed to rising crude oil prices due to increased tensions between the US and Iran.

As of 8:42 am CDT, the Canadian dollar reached a value of US$0.7244 or US$1=C$1.3805, surpassing its previous close of US$0.7213 or US$1=C$1.3863 from Wednesday.

The decline in the US Dollar Index was another contributing factor to the Canadian dollar's growth. The index dropped 0.547 points at 99.005 amid a global bond selloff.