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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Oil gains drive loonie against greenback

Apr 24, 2012 02:08 PM

The increasing price of oil futures helped the Canadian dollar climb higher against its southerly rival on Tuesday, according to Bloomberg.

Drivers include increased inflation and fervent economic development, the news source reported. Growth is projected to spur the nation's central bank to ponder the feasibility of hiking interest rates higher. The loonie is barreling toward gains of 0.9 percent for the month of April against the world's reserve currency.

"We still have the positive-rate story," European currency strategy head Geoff Kendrick with Nomura Holdings in London told the news source. "We've gone marginally off the tail-risk-type story. There's still news about that, but really the more big-picture driver is likely to be growth this year."

At 12:06 p.m. on Tuesday, crude oil futures dropped 0.46 percent, a 55 cent loss to $118.16 per barrel.

Tuesday's climb for the energy commodity, which is the top export of natural-resources-rich Canada, was increased optimism in the market for Europe during its experience with the sovereign debt crisis, according to MarketWatch. Data about U.S. inventories of the energy commodity is expected to be released later this week.

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