Forex
Loonie Surges as US Dollar Weakens Amid Global Market Trends
The Canadian dollar strengthened on Thursday morning as its US counterpart weakened due to global market trends. At 8:42 am CDT, the Loonie stood at US$0.7244 or US$1 = C$1.3805, up from Wednesday's close of US$0.7213 or US$1 = C$1.3863.
The US dollar index dropped by 0.547 points to 99.005 amid a global bond selloff. This decline in the US dollar allowed the Canadian dollar to gain value relative to its American counterpart.
Crude oil prices also rose on Thursday, with West Texas Intermediate increasing by 86 cents to US$91.87 per barrel and Brent crude rising by 59 cents to US$96.22. The tensions between the US and Iran contributed to this surge in oil prices.