Loonie Falls Further Against Strengthening USD

The Canadian dollar continued to lose ground against the US dollar on Thursday morning. According to data from 8:41 am CDT, the loonie traded at US$0.7021 or US$1=C$1.4240, down from Tuesday's close of US$0.7048 or US$1=C$1.4188. This decline comes as the U.S. Dollar Index rose 0.389 of a point to 101.590.

The decrease in the Canadian dollar was not an isolated event, as crude oil prices also increased on Thursday morning. West Texas Intermediate rose by 31 cents to US$90.73 per barrel, while Brent crude added US$1.83 to reach US$99.86. The strengthening of the US dollar and rise in crude oil prices may have contributed to the decline of the Canadian dollar.