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The Canadian currency, nicknamed the loonie for the aquatic bird on the C$1 coin, strengthened as much as 1.6 percent to C$1.0672 per U.S. dollar, the biggest intraday advance since Sept. 4, before trading at C$1.0699 at 3:05 p.m. in Toronto. It closed yesterday at C$1.0846. One Canadian dollar purchases 93.47 U.S. cents.

The loonie was headed for a 2.3 percent advance this month after a 1.5 percent loss in August. It gained 8.9 percent in the third quarter and was 14 percent higher for the year.

The Canadian dollar gained 0.4 percent to 96.78 U.S. cents to the US dollar at 8:12 am in Toronto from $97.14 at yesterday’s close. The “loonie” as the Canadian dollar is known, is receiving a boost from rising commodity prices and in particular, surging crude oil prices.

The Canadian dollar gained 0.3 percent rising to 99.55 cents per US dollar at 8:24am in New York this morning. An increase in commodity prices helped reverse the Canadian dollar’s three-day losing streak.

“Investors are a little more comfortable with risk assets this morning, with commodity prices recovering and global equity markets generally firmer,” Shaun Osborne, chief foreign exchange strategist at TD Securities in Toronto, said in a note to clients. Investors are waiting “to see if the Fed acknowledges the improving growth backdrop.”

The Canadian dollar gained 0.4 percent to 99.72 cents per US dollar in early morning trading in New York. An uptick in commodity prices yesterday helped push the Canadian dollar higher despite comments from Canada’s Finance Minister suggesting that unemployment remains a “challenge”.

The Canadian dollar gained 0.1 percent on its US counterpart by 7:15 a.m. in Toronto on Friday to C$1.0730 from C$1.0744 yesterday. The loonie receive a boost on a jobs report from Statistics Canada showing that the economy gained 43,000 jobs in January, dropping the overall unemployment rate to 8.3 percent from 8.5 percent.

Source: Bloomberg

The Canadian dollar continues to decline and is at a three-month low against the US dollar. In early morning trading today in Toronto, the loonie fell 0.8 percent to 97.71 cents to the US dollar compared to 96.86 cents on Friday.

The Canadian dollar gained 0.3 percent to 99.02 US cents in early morning trading in Toronto this morning. The loonie as the Canadian dollar is known, gained on most of the major currencies on speculation that demand for Canada’s exports will increase as economies strengthen.

Source: Bloomberg

Canadian Dollar Gains on Oil Price Increase

Canada’s dollar - nicknamed the “Loonie” - gained 0.1 percent on the US dollar today as an increase in crude oil prices helped the Loonie rebound on work markets.

Bank of Canada Governor Mark Carney said in a television interview that “one of the risks to the Canadian economy is persistent strength to the Canadian dollar”. The “loonie” as the Canadian dollar is known, gained sixteen percent against the US dollar in 2009 and another 5.5 percent in 2010 to reach parity with its US counterpart.