Forex
Loonie Gains as Oil Prices Soar Amid Saudi Facility Attacks
The Canadian dollar strengthened against its U.S. counterpart on Tuesday, buoyed by a sharp rise in oil prices amid escalating Middle East tensions.
Crude prices surged to multi-month highs after attacks on Saudi energy facilities and growing concerns over tanker traffic through the Strait of Hormuz, with Brent crude last trading around $92.73 a barrel.
The oil rally helped offset pressure from Canadian employment data released last week, which showed the economy lost 41,700 jobs in August while U.S. payrolls rose 162,000.