Loonie four cents above parity
Posted Apr 6, 2011 7:42 am.
This article is more than 5 years old.
The Canadian dollar is climbing for the seventh day against its U.S. counterpart, reaching a peak of 4.12 cents above parity on Wednesday. That’s the highest level since November 15, 2007.
The loonie was up by one third of a cent on international markets, bolstered by the rising price of oil, up to $108.50 (U.S) a barrel.
The outlook for Canadian interest rates was also a little more aggressive than the U.S. Federal Reserve in the second half of this year. The Bank of Canada was expected to move higher on the benchmark overnight lending rate.
Economic prospects also lifted the loonie after the Organization for Economic Cooperation and Development out of Paris, France, forecasted that Canada’s economy would do the best of the G7 nations in the first half of 2011.
