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Forex

Loonie Tumbles Below 71 Cents Amid Crude Oil Price Correction

Guavy AI Editorial Team
Instruments
CAD
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The Canadian dollar dipped below US$0.71 on Friday morning as crude oil prices corrected their surge.

The loonie, as it's called, fell to $0.7085 or $1=C$1.4114 by 8:34 a.m. CDT, compared to Thursday's close of $0.7101 or $1=C$1.4083.

The decline in the Canadian dollar coincided with a correction in crude oil prices, which had surpassed the US$100 mark on Thursday.

Brent crude lost $2.93 at $97.76/barrel, while West Texas Intermediate dropped $2.25 at $89.94/barrel.

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