The Canadian dollar dipped below 71 United States cents on Friday morning as crude oil prices underwent a correction.
The loonie was at US$0.7085 or US$1=C$1.4114 as of 8:34 a.m. CDT, compared to Thursday’s close of US$0.7101 or US$1=C$1.4083. The U.S. Dollar Index was down 0.02 of a point at 101.42.
The U.S. continued its attacks on Iran as the conflict between the two countries threatens to expand into the Red Sea. Brent crude oil lost US$2.93 at US$97.76/barrel after surpassing the US$100/barrel mark on Thursday. West Texas Intermediate dropped US$2.25 at US$89.94/barrel.
The TSX/S&P Composite Index gained 80.34 points at 35,273.00 as it tried to recover from Thursday’s selloff.
Gold added $0.30 per ounce at US$4,050.50.
