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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.

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