Forex
Loonie Falls Short as Crude Prices Soar Amid Middle East Tensions
The Canadian dollar, often referred to as the Loonie, declined on Wednesday despite a significant surge in crude oil prices. The Middle East conflict between the U.S. and Iran intensified, causing Ukrainian drone strikes on Russian oil facilities.
Benchmark crude oil prices increased, with West Texas Intermediate jumping $3.81 at $96.84 per barrel, while Brent crude remained above $100/barrel, advancing $3.73 at $101.65.
The Canadian dollar's inability to benefit from the increase in crude oil prices was reflected in its exchange rate, which finished at US$0.7247 or US$1=C$1.3798 compared to Tuesday's close of US$0.7255 or US$1=C$1.3784.