Loonie Bounces Back as TSX Hits New Heights

The Canadian dollar rebounded slightly on Wednesday morning after losing some ground on Tuesday.

At around 8:45 a.m. CDT, the loonie was trading at US$0.7118 or US$1=C$1.4049, compared to its close of US$0.7108 or US$1=C$1.4068 the previous day.

The United States Dollar Index slipped 0.12 points to 99.74, while crude oil prices were mixed in response to news that Iran-aligned Houthi rebels claimed they had struck a Saudi oil tanker in the Red Sea.

However, there was some optimism about a possible new deal to reopen the Strait of Hormuz by today, which may have contributed to Brent crude oil rising US$0.53 at US$79.89 per barrel.

In other markets, the TSX/S&P Composite Index surged 560.38 points to reach an all-time high of 36,361.97 on Tuesday, and gold prices continued their upward trend, increasing by $102.90 per ounce to US$4,255.50.