Canadian dollar above 73 cents US as greenback finally slumpsThursday, February 04, 2016 > 09:21:42
The Canadian dollar was trading above 73 cents US this morning for the first time since December.
The loonie was changing hands up about half a cent to 73.15 cents US before stock markets opened. It was last above 73 cents on Dec. 10.
The jump comes a day after an even stronger gain on Wednesday, when the loonie gained a full 1.42 US cents or two per cent, it's best showing in more than a year.
The loonie has been rallying along with other major world currencies in recent days mainly due to a rush away from the U.S. dollar, which had been on a tear
"A steady stream of disappointing U.S. data this week ... have taken the wind out of the big dollar's sails," BMO economist Sal Guatieri said. "Finally, some much-needed good news for Canadian snowbirds."
The loonie was higher despite a slight decrease in the price of oil. A barrel of benchmark West Texas Intermediate was going for $32.15 US early Thursday, down 15 cents on the day.