Loonie Bounces Back as TSX Hits New Heights
The Canadian dollar experienced a slight rebound on Wednesday morning after a brief dip. At 8:45 a.m. CDT, the loonie stood at US$0.7118 or US$1=C$1.4049, up from Tuesday's close of US$0.7108 or US$1=C$1.4068.
The United States Dollar Index declined by 0.12 of a point to 99.74.
Crude oil prices were mixed following reports that Iran-aligned Houthi rebels claimed responsibility for striking a Saudi oil tanker in the Red Sea. Despite this, there was some optimism surrounding the potential reopening of the Strait of Hormuz, which could occur by Wednesday. Brent crude oil gained US$0.53 to reach US$79.89 per barrel, while West Texas Intermediate fell by US$0.13 to US$75.64 per barrel.
The TSX/S&P Composite Index experienced a significant surge on Tuesday, reaching an all-time high before jumping another 560.38 points to close at 36,361.97 on Wednesday.
Gold prices rose by $102.90 per ounce to reach US$4,255.50.