Loonie Holds Steady as Crude Oil Prices Make Modest Gains

The Canadian dollar held relatively steady on Thursday morning, showing little movement compared to Wednesday's close. As of 8:35 a.m. CDT, the loonie was at US$0.7133 or US$1=C$1.4019. The United States Dollar Index rose by 0.12 of a point to 99.79.

Crude oil prices experienced a modest gain after days of declines. Brent crude oil jumped up US$1.55 at US$81.00 per barrel, while West Texas Intermediate was up US$1.26 at US$76.08/barrel. The optimism towards a new deal to reopen the Strait of Hormuz initially boosted prices but later gave way to caution.

The TSX/S&P Composite Index dipped 23.53 points to 36,122.89. Meanwhile, gold prices dropped by $0.80 per ounce at US$4,304.30.