Loonie Continues Slide as US Dollar Strengthens
The Canadian dollar continued its downward trend against the US dollar on Thursday morning. The Loonie lost ground, trading at US$0.7021 or US$1=C$1.4240 as of 8:41 am CDT. This is a decline from Tuesday's close of US$0.7048 or US$1=C$1.4188.
The rise in the US dollar was also reflected in the U.S. Dollar Index, which increased by 0.389 of a point to 101.590. The strength of the greenback could be attributed to various market factors, including global economic trends and currency fluctuations.
Meanwhile, crude oil prices rose on Thursday morning due to China's suspension of exports of oil products. This move could potentially tighten global supplies and drive up prices. West Texas Intermediate increased by 31 cents to US$90.73 per barrel, while Brent crude added US$1.83 to reach US$99.86.
The Canadian financial markets also reflected the trends seen in other sectors. The TSX/S&P Composite Index fell by 90.10 points to 35,122.80, and gold prices rose by US$12.60 to US$4,199.40 per ounce.