Loonie Nudges Up as Oil Prices Spike Amid US-Iran Tensions

The Canadian dollar saw a minor increase on Monday morning as its US counterpart dipped in value. The Loonie gained a small amount, reaching US$0.7206 or US$1=C$1.3878 by 8:36 am CDT.

This change came as crude oil prices surged following reports of the US and Iran trading blows over the weekend. West Texas Intermediate rose to US$85.50 per barrel, a gain of US$2.10, while Brent crude advanced to US$90.35, up US$2.25.

The TSX/S&P Composite Index was down 107.06 points on Monday morning at 36,446.86, and gold lost value as well, reaching US$4,493.90 per ounce after a decline of US$36.0.