Loonie Soars as US Dollar Index Dips

The Canadian dollar rebounded on Wednesday due to its weaker United States counterpart. The loonie closed at US$0.7130 or US$1=C$1.4026, up from Tuesday's close of US$0.7108 or US$1=US$1.4068.

The U.S. Dollar Index was down 0.15 of a point at 99.71, which contributed to the loonie's gain.

Crude oil prices were slightly lower after reports of a new deal to reopen the Strait of Hormuz were drafted by Iranian and Omani negotiators. However, Iran-backed Houthi rebels attacked a Saudi oil tanker on the Red Sea earlier today, which may impact oil prices in the future.

The TSX/S&P Composite Index reached another all-time high on Wednesday at 36,443.29 before closing at 36,146.42 for a gain of 344.82 points.