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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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Loonie follows crude oil's upward drive

Mar 16, 2012 09:55 AM

The climbing price of crude oil futures benefited the Canadian dollar on Friday as the monetary unit hurtled toward a 10th straight week of gains against the Japanese yen, according to Bloomberg.

But weak manufacturing data released by the Canadian government tempered the loonie's gains, according to The Canadian Press. The aerospace sector saw sales drop 0.9 percent in January to $49.6 billion, representing the second loss since August of last year.

Geoffrey Kendrick, head of European currency strategy with Nomura Holdings in London, told Bloomberg that the Canadian dollar is performing strongly due to it being closely linked with commodities and the U.S. economy, which is showing signs of strength.

At 10:28 a.m. on Friday, crude oil futures climbed 1.2 percent, a $1.47 rise to $124.07 per barrel.

Bloomberg reports the loonie, during the past month, is the best-performing monetary unit among 10 developed nations' currencies.

However, bonds issued by the Canadian government are not demonstrating the strongest of performances. Through Friday, Canadian government bonds have lost 1.3 percent of their value as they are set to complete their worst quarter since 2009.

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