Loonie Reaches Two-Month High Amid Ongoing Iran-US Conflict

The Canadian dollar has reached a two-month high after closing above the 72 US cent mark for the first time since June 3. The loonie finished at $0.7207 or $1=C$1.3875 on Friday, compared to $0.7175 or $1=US$1.3938 on Thursday. This development comes as oil prices increased due to the ongoing conflict between Iran and the US.

The price of West Texas Intermediate added $1.20 per barrel at $82.45, while Brent crude oil rose $1.53/barrel at $88.60. Despite these increases in oil prices, the TSX/S&P Composite Index reached an all-time high but later settled slightly lower due to higher US Treasury yields and oil prices.