Rebound in crude prices helps loonie break through 70 cents U.S. – FINANCIAL NEWS-ecozik.com
Home / Insurance Tips / Rebound in crude prices helps loonie break through 70 cents U.S.

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 with the 70-cent U.S. mark, closing at 70.03 cents U.S.

That’s an increase of just one.02 cents from Wednesday’s close.

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