Loonie Takes Another Hit as Oil Prices Soar
The Canadian dollar has taken another step back on Thursday morning, continuing its downward trend. As of 8:40 am CDT, the Loonie was trading at US$0.7233 or US$1=C$1.3830, a slight drop from Wednesday's close of US$0.7247 or US$1=C$1.3798.
The United States Dollar Index also saw an increase, adding 0.266 of a point to reach 98.825. This comes as crude oil prices surged higher due to ongoing conflict in the Middle East. West Texas Intermediate jumped US$4.07 at US$100.12 per barrel and Brent crude surged US$4.12 at US$105.33/barrel.
The financial markets also felt the impact, with the TSX/S&P Composite Index losing 288.53 points to close at 35,618.03. The DOW Jones fell 405.41 points at 52,380.66, while the S&P 500 slipped 37.16 points at 7,636.36 and the NASDAQ pulled back 168.07 points at 26,253.34. Gold prices also took a hit, dropping US$62.50 to US$4,398.20 per ounce.