Trump Trade Deal Boosts Loonie as Oil Prices Hit Three-Week High

Global markets were relatively calm as investors digested the latest developments in the Middle East conflict. The TSX futures market was showing signs of optimism after U.S. President Donald Trump announced a trade deal with Canada, which will delay threatened tariffs for three days while the agreement is finalized.

The news sparked a slight rally in Canadian dollar trading, with the loonie strengthening against its U.S. counterpart and rising about 1.54% over the past month.

Oil prices also reached a three-week high due to ongoing supply disruptions and uncertainty over shipping through the Strait of Hormuz. Brent crude futures rose 1% to $91.93, while West Texas Intermediate (WTI) crude futures were up 1.14% to $85.91 a barrel.

KCM chief market analyst Tim Waterer noted that 'confidence in safe passage remains low' and that this uncertainty continues to support the oil price.