Loonie Takes Another Hit as US Dollar Strengthens

The Canadian dollar took another hit on Monday morning as it continued to decline against the US dollar.

At 8:43 am CDT, the Canadian dollar had fallen to a value of US$0.7060 or US$1=C$1.4165, compared to its close of US$0.7070 or US$1=C$1.4145 on Friday.

This decline comes as the U.S. Dollar Index increased by 0.222 of a point to 100.930.

The strengthening of the US dollar is partly due to rising crude oil prices, which have gained momentum after US President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz and resume nuclear talks.