Loonie Hits Six-Week High Amid Ongoing Trade Tensions

The Canadian dollar has reached its highest level in six weeks against its US counterpart. The C$ settled at US$0.7136 or US$1=C$1.4014, a slight increase from Wednesday's close of US$0.7101 or US$1=C$1.4083.

The strong performance comes amid ongoing trade tensions between the US and Iran, with no signs of a resolution to the conflict in sight. The Bank of Canada's July 15 meeting minutes also revealed a split opinion among policymakers on the sustainability of Canada's economic recovery.

Meanwhile, the US economy expanded by 1.5% in the second quarter, down from 2.1% in the previous three months. Crude oil prices remained relatively steady, with West Texas Intermediate holding at US$84.12 per barrel.