Loonie Hits Two-Month High as Oil Prices Soar

The Canadian dollar has reached its highest level in two months after closing at $0.7207 on Friday, marking a significant milestone since June 3.

This increase means that one US dollar can now buy approximately C$1.3875, a positive development for the country's economy.

The rise of the Canadian dollar comes as crude oil prices surge due to tensions between Iran and the US, with West Texas Intermediate increasing by $1.20 per barrel to $82.45, while Brent crude rose by $1.53/barrel to $88.60.

Meanwhile, the TSX/S&P Composite Index hit a new all-time high of 36,844.73 points but later settled at 36,730.27 due to higher US Treasury yields and oil prices.