Loonie Hits Three-Month High on Crude Oil Gains

The Canadian dollar has reached its highest levels in three months against the US dollar.

At 8:58 a.m. CDT, the Loonie was trading at US$0.7256 or US$1=C$1.3782, which is an improvement from Wednesday's close of US$0.7234 or US$1=C$1.3824.

This strength in the Canadian dollar can be attributed to gains in crude oil, with West Texas Intermediate up 2.3 per cent at US$86.34 per barrel.

The Industrial Product Price Index increased by 0.6 per cent in July compared to the previous month, posting an annual gain of 12.4 per cent.