Loonie Falls Amid US-Iran Talks and Crude Oil Price Slump
The Canadian dollar experienced a decline on Friday morning, marking the end of a difficult week for the currency. As of 8:49 a.m. CDT, the loonie was valued at US$0.7067 or approximately $1=C$1.4136.
This downward trend can be attributed to the United States Dollar Index, which dropped by 0.31 of a point to 100.97. The decline in the Canadian dollar's value is also reflected in its relationship with crude oil prices.
Crude oil prices have decreased due to speculation that the U.S. and Iran discussed a phased plan to re-open the Strait of Hormuz. Brent crude oil saw a decrease of US$1.38 at US$105.22 per barrel, while West Texas Intermediate retreated by US$1.43 at US$93.18/barrel.
The TSX/S&P Composite Index also experienced a decline, down 5.25 points at 35,701.21. In contrast, gold prices saw an increase of US$16.00 per ounce to US$4,314.00.