Forex
Loonie Loses Ground as Crude Prices Soar Despite Ongoing Tensions
The Canadian dollar experienced an unexpected dip on Tuesday, failing to benefit from the surge in crude oil prices. The loonie closed at US$0.7196 or US$1=C$1.3896, down from Monday's close of US$0.7212 or US$1=C$1.3866.
The reversal came as West Texas Intermediate and Brent crude skyrocketed in response to increased tensions between the U.S. and Iran. WTI rose by US$5.12 at US$90.88 per barrel, while Brent jumped by US$4.91 at US$95.40.
The TSX Composite Index also suffered a significant loss of 444.75 points to close at 35,825.73, partly due to the sell-off in bonds and oil prices. Gold declined by US$108.80 at US$4,372.70 per ounce.