Loonie Falls Despite Crude Price Spike

The Canadian dollar took an unexpected turn on Tuesday, slipping below US$0.72 despite a sharp increase in crude oil prices.

Benchmark crude oil prices surged after the US launched more attacks on Iran, with West Texas Intermediate rising to $90.88 per barrel and Brent crude jumping to $95.40 per barrel.

However, the loonie couldn't capitalize on this increase, finishing at US$0.7196 or US$1=C$1.3896 compared to Monday's close of US$0.7212 or US$1=C$1.3866.

The TSX Composite Index also took a hit, falling 444.75 points to close at 35,825.73 due in part to selloffs in bonds and spiking crude oil prices.