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US Dollar Strengthens Slightly Against The Loonie as Dimming Strait of Hormuz Hopes Lift Oil Prices

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The US dollar strengthened marginally against the Canadian currency Monday afternoon as hopes dimmed that an agreement to partially reopen the Strait of Hormuz would be achieved, according to a Bloomberg report.

The US dollar edged up 0.4% to C$1.3945 on last look.

The continued closure of the Strait of Hormuz was seen bolstering oil prices.

West Texas Intermediate September futures jumped 4.8% to $81.92 per barrel, while Brent crude futures for October delivery rose 4.7% to $87.50 per barrel.

US Gold futures for December edged up 0.5% to $4,422.80 per ounce.

The US Bureau of Labor Statistics' consumer price index data for July will be released on Wednesday, Aug. 12.

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