Loonie Dips as TSX Breaks Records Amid Global Market Volatility

The Canadian dollar closed lower on Tuesday after the August long weekend.

The loonie finished at US$0.7108, down from Friday's closing rate of US$0.7128.

This decrease comes as the Bank of Canada did not post a closing exchange rate on Monday due to the civic holiday.

Crude oil prices fell after U.S. Treasury Secretary Scott Bessent predicted a deal between the U.S. and Iran would reopen the Strait of Hormuz soon, potentially affecting global oil supplies.

The TSX/S&P Composite Index rose 575.45 points to reach a record high of 35,801.59 earlier in the day.