Forex
Loonie Falls Back Amid Strengthening US Dollar
The Canadian dollar, also known as the Loonie, experienced a slight decline on Friday. The currency lost more than a quarter of a cent compared to its previous close, settling at US$0.7225 or US$1=C$1.3840.
This decrease is attributed to a stronger United States dollar, which added 0.250 of a point to the United States Dollar Index, bringing it to 99.130.
Other financial markets also felt the effects of this shift in currency values. The TSX Composite Index pulled back 119.32 points on Friday, closing at 36,633.12. Meanwhile, benchmark crude oil prices saw modest gains due to short covering ahead of the Labour Day holiday weekend.