Loonie hits month high after Iran reopens Strait of Hormuz
Business
The Canadian dollar (also known as the loonie) just hit its highest point in a month, thanks to Iran reopening the Strait of Hormuz, a major passage for global oil and gas.
The loonie climbed 0.2% to 1.3675 per US dollar this Friday, capping off its strongest week since January.
US crude falls, Canadian data mixed
Iran's move came after a Lebanon cease-fire and is expected to ease some global tensions, especially around oil supply, a big deal for Canada.
Even so, US crude prices dropped sharply, and Canadian bond yields fell in step with US Treasuries.
Meanwhile, Canada's housing starts dipped 6% last month, and inflation is expected to tick up soon, right in line with what Bank of Canada Governor Tiff Macklem predicted.