Forex
Loonie Loses Ground as Crude Oil Prices Plummet
The Canadian dollar experienced a downturn on Friday morning, dipping below 71 US cents. This decline comes as crude oil prices underwent a correction, which likely contributed to the loonie's drop.
The value of the Canadian dollar was at US$0.7085 or US$1=C$1.4114 as of 8:34 a.m. CDT, compared to Thursday's close of US$0.7101 or US$1=C$1.4083. The U.S. Dollar Index was down 0.02 of a point at 101.42.
The current conflict between the United States and Iran is causing significant market fluctuations, including a sharp decline in crude oil prices. Brent crude oil lost US$2.93 at US$97.76/barrel after surpassing the US$100/barrel mark on Thursday. West Texas Intermediate dropped US$2.25 at US$89.94/barrel.