Loonie Plummets as Oil Prices Surge Amid Ongoing US-Iran Tensions

The Canadian dollar took another hit on Thursday, closing at its lowest value since July 13. The loonie finished at US$0.7074 or US$1=C$1.4136, down from Wednesday's close of US$0.7094 or US$1=US$1.4096.

The US Dollar Index rose 0.17 of a point to 101.27, contributing to the loonie's decline.

However, crude oil prices jumped as tensions between the US and Iran continued to escalate. West Texas Intermediate rose by US$3.13 per barrel to US$95.29, while Brent crude oil surged by US$4.41/barrel to US$107.49.

The TSX/S&P Composite Index also fell, losing 44.97 points to close at 35,706.46. Gold prices declined by US$11.30 per ounce to US$4,307.10.