Loonie Slumps as Crude Oil Prices Plummet Further
The Canadian dollar closed out the week on a low note, losing ground against its US counterpart. The loonie finished at US$0.7070 or US$1=C$1.4145 on Friday, down from Thursday's close of US$0.7074 or US$1=US$1.4136. This marks the end of a disappointing week for the currency, which lost 0.72 of a U.S. cent.
The United States Dollar Index also fell, dropping 0.27 of a point to 101.02 on Friday. Meanwhile, crude oil prices continued their downward trend, with West Texas Intermediate (WTI) plummeting US$1.91 per barrel to US$92.70 and Brent crude oil declining US$1.94/barrel to US$104.66.
The TSX/S&P Composite Index, however, bucked the trend, rising 94.43 points to 35,800.89 on Friday. Gold prices also saw an increase, climbing US$28.60 per ounce to US$4,326.60.