Loonie Gains Amid Oil Price Surge and US Dollar Decline

The Canadian dollar strengthened on Monday, benefiting from a decline in the US dollar and rising oil prices.

Benchmark crude oil surged after the weekend's escalation of tensions between the US and Iran, with West Texas Intermediate jumping to $85.94 per barrel and Brent crude advancing to $90.45 per barrel.

The loonie finished at US$0.7212 or US$1=C$1.3866 compared to Friday's close of US$0.7200 or US$1=C$1.3888, while the US dollar index was down 0.273 of a point at 98.385.

The TSX Composite Index lost 283.44 points on Monday to close at 36,270.48, and gold was down $30.60 at $4,499.30 per ounce.