Loonie Hits Six-Week High Amid Ongoing Trade Tensions

The Canadian dollar strengthened on Thursday, reaching its highest level in six weeks relative to the US dollar. According to data from the financial markets, the Loonie settled at a rate of US$0.7136 or C$1=US$1.4014.

This marks an increase from Wednesday's close of US$0.7101 or C$1=US$1.4083. The strengthening Canadian dollar comes amidst ongoing trade tensions between the US and Iran, with little sign of progress in resolving the conflict.

The Bank of Canada's July 15 meeting minutes revealed a divided opinion among policymakers regarding the sustainability of the country's economic recovery. Meanwhile, the US economy expanded by 1.5% in the second quarter, down from 2.1% in the previous three months.