Canadian Dollar Tumbles Below 71 Cents Amid Oil Price Gains
The Canadian dollar continued its downward trend, dropping below 71 US cents for the first time since July. As of Wednesday morning, the loonie was valued at approximately $0.7091 or $1=C$1.4102, a slight decrease from its previous value of $0.7110 or $1=C$1.4065.
The decline in the Canadian dollar coincided with an increase in crude oil prices. After US President Donald Trump met with Iran's delegation at the United Nations General Assembly on Tuesday, oil prices rose. Brent crude oil added $1.43 to reach $100.68 per barrel, while West Texas Intermediate advanced by $0.78 to $91.30 per barrel.
The TSX/S&P Composite Index also experienced a decline, losing 322.36 points and reaching a value of 36,013.25. Meanwhile, gold prices dropped by $36.20 per ounce to $4,340.20.