Forex
Loonie Slumps as Oil Prices Soar Amid Middle East Tensions
The Canadian dollar continued its downtrend on Thursday, falling more than a quarter cent from Tuesday's close. The loonie finished at US$0.7027 or US$1=C$1.4243 compared to Tuesday's close of US$0.7048 or US$1=C$1.4188.
The decline in the Canadian dollar came despite a boost in crude oil prices, which spiked on concerns about increased fighting in the Middle East. Benchmark crude oil prices jumped US$2.76 at US$93.18 per barrel, while Brent crude shot up US$4.49 at US$102.52/barrel.
The TSX Composite Index also dipped 81.11 points on Thursday to close at 35,154.76, while the Dow Jones rose 20.69 points at 50,926.74 and the S&P 500 nudged up 14.91 points at 7,666.45.