Loonie Regains Some Ground on Monday Amid Oil Price Surge

The Canadian dollar bounced back on Monday, boosted by a decline in the US dollar and a surge in crude oil prices.

The loonie's value against the greenback increased to US$0.7212 or US$1=C$1.3866 from Friday's close of US$0.7200 or US$1=C$1.3888.

The rise in crude oil prices was attributed to a spike in West Texas Intermediate, which jumped to US$85.94 per barrel, up US$2.54 from the previous day.

Brent crude also saw an increase of US$2.35, reaching US$90.45 per barrel.