The monetary unit of Canada climbed against the U.S. dollar on Thursday, advancing from near its lowest level in one year amid conjecture that the central bank of the U.S. will continue monetary stimulus policies longer than expected, according to Bloomberg.
The Canadian dollar's gained while crude oil futures lost, an unusual occurrence given the energy commodity is the lead export of the nation whose economy is based on trade and commerce of its natural resources.
"It's walking on a razor's edge right now. It's 24 hours of fright, after three months of exuberance," currency analyst Adam Button with ForexLive in Montreal told Reuters on Thursday. "It could prove to be a turning point, or a blip. At this point, I lean more towards a turning point, and continued Canadian dollar weakness."
Applicants for unemployment benefits in Canada fell by more than 5,200, noting a slip of at least 8 percent since the same period in 2012, data released by the nation's government states.
Since earlier this month, the Canadian dollar has lost nearly four-cents-worth against the world's reserve currency, according to Reuters.