Forex
Loonie Weakens as Crude Oil Prices Dip Amid Global Tensions
The Canadian dollar weakened on Wednesday, losing ground against its US counterpart. The loonie finished at US$0.7207 or C$1=US$1.3876, down from Tuesday's close of US$0.7226 or C$1=US$1.3839.
The dip in the Canadian dollar was mirrored by a decline in crude oil prices. West Texas Intermediate fell to US$81.91 per barrel, while Brent crude oil dropped to US$87.45 per barrel.
The slide in oil prices comes despite an agreement between Iran and Oman to create a shipping lane on the Strait of Hormuz. However, 300,000 barrels of Canadian oil will be taken offline in September due to planned maintenance at the oil sands.