Loonie Sinks Amid Stalled US-Iran Talks, Crude Oil Prices Soar

The Canadian dollar continued to decline against its US counterpart on Thursday, reaching a new low of US$0.7074 or C$1=US$1.4136 as of 8:48 a.m. CDT.

This marks a slight decrease from Wednesday's rate of US$0.7094 or C$1=US$1.4096, with the U.S. Dollar Index up 0.21 points at 101.30, its highest level in nearly two months.

The price of crude oil has increased due to stalled talks between the US and Iran, adding uncertainty to the conflict and driving Brent crude oil up by US$2.29 to US$105.37 per barrel, while West Texas Intermediate gained US$2.06 at US$94.22/barrel.