Loonie Hits 7-Month Low as Crude Oil Prices Soar Amid Iran-US Standoff

The Canadian dollar took another step back on Thursday, reaching its lowest close since July 13. The loonie finished at US$0.7074 or US$1=C$1.4136 compared to US$0.7094 or US$1=US$1.4096 the previous day.

The US Dollar Index gained 0.17 of a point, reaching 101.27. This upward trend contrasts with the Canadian dollar's decline.

Crude oil prices rose significantly on Thursday, as negotiations between the US and Iran showed no progress in ending their conflict. West Texas Intermediate rose to US$95.29 per barrel, up from the previous day's price of US$92.16. Brent crude oil jumped to US$107.49 per barrel.