Canadian Dollar and Business Outlook: U.S. strikes raise prices

Glacier FarmMedia MarketsFarm – Rising crude oil prices led to a jump in the Canadian dollar on Friday morning.

The loonie was at US$0.7488 or US$1=C$1.3355, compared to Thursday’s close of US$0.7458 or US$1=C$1.3409. The United States Dollar Index was unchanged at 102.29.

The U.S. launched strikes on Houthi rebels in Yemen on Friday, raising tensions in the Red Sea region. Brent crude oil rose US$1.80 at US$79.21 per barrel. West Texas Intermediate (WTI) jumped US$1.81 at US$73.83/barrel.

The TSX/S&P Composite Index surged 171.35 points at 21,089.75.

Gold rallied due to the Middle East tensions, climbing US$41.20 at US$2,060.40 per ounce.