Loonie and Crude Prices Dip as TSX Hits New Heights
The Canadian dollar experienced a decline on its return from the August long weekend.
The loonie closed at US$0.7108, down slightly from its Friday closing rate of US$0.7128 or US$1=C$1.4029 due to the Bank of Canada's civic holiday closure.
Crude oil prices also suffered a loss after U.S. Treasury Secretary Scott Bessent expressed optimism about the reopening of the Strait of Hormuz, saying a deal between the U.S. and Iran would be done 'today or tomorrow'. West Texas Intermediate dropped US$4.63 per barrel at US$75.71, while Brent crude oil lost US$4.58/barrel at US$79.19.
The Canadian stock market defied this bearish trend, however, with the TSX/S&P Composite Index surging 575.45 points to a record high of 35,801.59 after reaching an earlier peak of 35,847.16 today.