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Canadian Dollar at 82 cents US as Oil Surges for a 2nd Day

Posted April 17, 2015

Under Economic Issues, International Trade Issues

(CBC News)

The Canadian dollar soared above 82 cents US and oil resumed its climb after an OPEC report predicted the boom in U.S. oil production will end later this year. The loonie closed at 82.04 US cents, up by two thirds a cent on Thursday, after a jump of nearly two cents on Wednesday.

The dollar rose on strengthening oil prices. West Texas Intermediate crude, traded in New York, rose to $56.51 US a barrel, up six per cent on the year. It jumped above $57 earlier in the day. Brent crude, the most common international crude contract, was also at its highest point of the year, at $63.83 US a barrel, up 53 cents today.

Oil has been rising for the past two days as data comes in showing a slowdown in production in U.S. oil fields. Click here to read more.