Forex
Loonie Takes a Hit as US Dollar Index Rises Amid Iran Conflict
The Canadian dollar continued its downward trend on Thursday morning, falling to US$0.7233 against the US dollar or C$1.3830 per US dollar.
This comes as the United States Dollar Index added 0.266 of a point at 98.825.
Crude oil prices surged higher due to the ongoing conflict between the U.S. and Iran in the Middle East, with West Texas Intermediate rising US$4.07 at US$100.12 per barrel and Brent crude increasing US$4.12 at US$105.33/barrel.
The Canadian dollar's decline was also reflected in the TSX/S&P Composite Index, which lost 288.53 points on Thursday morning at 35,618.03.