Glacier FarmMedia – The Canadian dollar gained ground against the United States dollar on Thursday as crude oil prices recovered some of Wednesday’s losses.
The loonie closed at US$0.7235 or US$1=C$1.3821, compared to US$0.7220 or C$1=C$1.3851 on Wednesday. The United States Dollar Index declined 0.37 of a point at 98.76.
The temporary ceasefire agreed upon by the U.S., Israel and Iran was threatened after Israel continued its attacks on Lebanon. Iranian officials also restricted traffic on the Strait of Hormuz, resulting in rising crude oil prices. However, U.S. and Iranian delegations will meet in Pakistan for peace talks on Sunday.
April West Texas Intermediate rose US$4.77 per barrel at US$99.18. May Brent crude oil added US$2.44/barrel at US$97.19.
The TSX/S&P Composite Index lost 142.86 points at 33,477.71.
Gold advanced US$14.60 per ounce at US$4,791.80.
