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The Canadian dollar kicked off the new year above parity with the U.S. dollar as oil prices hit a two year high.

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The loonie gained 0.13 cents to 100.67 cents (U.S.).

Recent strength in the Canadian dollar has been fuelled by higher crude prices, which sit at a two year high.

The February crude contract was unchanged at US$91.54 a barrel in electronic trading on the New York Mercantile Exchange.

Meanwhile, the February gold contract slipped $25.10 to US$1,397.80. The March copper contract on the Nymex lost one cent to US$4.44.

The Canadian dollar closed above parity against the American currency Friday, up 0.54 to 100.54 cents U.S., its highest close since May 2008.

The U.S. dollar lost ground against most G7 currencies on thin trading over the holiday.

Investors are looking toward North American employment data set to be released Friday, which will impact the direction of the Canadian and U.S.

Good news will help the Canadian dollar gain further traction and bad news could see it slip.

Source: the star.com

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