Loonie Up, TSX Surges: Canada's Economy Shows Signs of Strength
The Canadian dollar rebounded on Wednesday morning, gaining ground against the US dollar. The loonie was at US$0.7118 or US$1=C$1.4049 as of 8:45 a.m. CDT, compared to Tuesday's close of US$0.7108 or US$1=C$1.4068.
The United States Dollar Index fell by 0.12 of a point at 99.74, while crude oil prices were mixed following reports that Iran-aligned Houthi rebels struck a Saudi oil tanker in the Red Sea.
However, some optimism emerged regarding a potential new deal to reopen the Strait of Hormuz, which could have a positive impact on global energy markets. Brent crude oil gained US$0.53 at US$79.89 per barrel, while West Texas Intermediate was down US$0.13 at US$75.64/barrel.
The Toronto Stock Exchange (TSX) and S&P Composite Index surged to new heights, jumping 560.38 points at 36,361.97 after hitting an all-time high on Tuesday.