CB: Canadian dollar soars alongside surging oil prices
TORONTO — The Canadian dollar is making big gains this morning, boosted by a surge in oil prices.
The loonie is trading at 85.46 cents US, up from Friday's close of 84.18 cents. That continues the currency's revival from barely 77 cents in the final week of October. But it's still down from the 94-cent level at the start of last month.
Today's jump mirrors oil prices which soared more than three dollars in overnight trading.
Light sweet crude for December delivery is at US$64.14 a barrel, up $3.10 from Friday.
Oil prices are being buoyed by increased international efforts to stimulate the struggling global economy.
Yesterday, China announced a massive economic stimulus package worth US$576 billion, and the announcement prompted surges in stock markets across Asia and Europe.
