Rebound in crude prices helps loonie break through 70 cents U.S.

The Canadian dollar gained strength on Thursday.

TORONTO – Strengthening oil prices helped the commodity-sensitive loonie punch through the 70-cent U.S. mark, closing at 70.03 cents U.S.

That’s a rise of just one.02 cents from Wednesday’s close.

The Canadian dollar hasn’t closed above 70 cents U.S. in more than the usual week.

Colin Cieszynski, chief market strategist at CMC Markets, says the loonie received a “double boost” from the rebound in crude prices and also the Bank of Canada’s decision Wednesday to hold its benchmark rate of interest steady.


About admin


Check Also


Twitter Inc’s user growth stalls as sales forecast falls short of estimates

Twitter Inc. said it didn’t add new users in the fourth quarter and forecast first-quarter ...


Manulife Financial Corp profit slides 62% as energy investments take a hit: ‘A disappointing year’

TORONTO – Energy exposure hit the conclusion of Manulife Financial Corp. in the fourth quarter, ...


Pension funds hope for better deal in de-risking marketplace

A pension risk exchange – an online marketplace that aims to create those defined benefit ...