Loonie Nudges Up as Oil Prices Spike

The Canadian dollar edged up on Monday morning as the US dollar dipped and crude oil prices surged.

According to data available at 8:36 am CDT, the Loonie was trading at US$0.7206 or US$1=C$1.3878, a slight increase from Friday's close of US$0.7200 or US$1=C$1.3888.

The uptick in the Canadian dollar coincided with a decline in the US Dollar Index, which slipped 0.163 of a point to 99.495.

Crude oil prices also rose sharply, with West Texas Intermediate gaining US$2.10 at US$85.50 per barrel and Brent crude advancing US$2.25 at US$90.35.