Thursday saw the monetary unit of Canada gain against the U.S. dollar, marking a fourth consecutive trading session of advances when compared with its southerly rival, according to Bloomberg.
The loonie's climb, the strongest in seven weeks, is being helped by stocks' strongest performance in 25 years as well as the upward tack of commodities. Oil, the natural-resources-rich nation's top export, also is performing strongly, which typically aids the Canadian dollar. Oil's climb in value touched three-straight days on Thursday.
"The near-term U.S. dollar-Canada dollar trend appears to be lower still," states an email penned by chief currency strategist Shaun Osborne with Toronto-Dominion Bank's TD Securities unit to Bloomberg. "As investors rebuild risk positions, the U.S. dollar is likely to slip back."
At 11:01 a.m. on Friday, crude oil futures gained 0.55 percent, a 61 cent lift to $111.27 per barrel.
The Canadian dollar is barreling toward closing at prices north of parity when compared with the U.S. dollar, which has not occurred since late October 2011, according to The Canadian Press.
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