Economists expressed preoccupations about crude oil futures' climb as the U.S., the globe's top consumer of oil, recovers from a deep recession. Crude oil also is the top export of Canada, whose economy is based on commerce and trade of its natural resources and commodities. The U.S. is Canada's top trade partner as well.
"At the end of the day the Canadian dollar is really an afterthought in foreign exchange markets being pulled in both directions," foreign exchange trading vice president Michael O'Neill with RJOFX Canada told Reuters. "All the benefits of improving U.S. economic data and rising oil prices are offset by selling of Canada against the crosses."
At 10:53 a.m. on Friday, crude oil futures increased 0.12 percent, a 15 cent gain to $123.77 per barrel.
The consistent gains of crude oil futures also are of concern to prospects in the euro zone, where the sovereign debt crisis has been attacking banks, markets and public finance systems for the past two-plus years.
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