Loonie Dips Below 71 Cents Amid Crude Oil Correction

The Canadian dollar saw a slight dip on Friday morning as crude oil prices corrected downwards. The loonie traded at US$0.7085 or US$1=C$1.4114, down from its Thursday close of US$0.7101 or US$1=C$1.4083.

The decline in the Canadian dollar comes amid a correction in crude oil prices, which saw Brent crude oil lose US$2.93 at US$97.76/barrel and West Texas Intermediate drop US$2.25 at US$89.94/barrel.

Meanwhile, gold added $0.30 per ounce at US$4,050.50. The TSX/S&P Composite Index also tried to recover from Thursday's selloff, gaining 80.34 points at 35,273.00.