Rebound in crude prices helps loonie break through 70 cents U.S.

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The Canadian Press

TORONTO: Strengthening oil prices helped the commodity-sensitive loonie punch through the 70-cent U.S. mark, closing at 70.03 cents U.S.

That’s an increase of 1.02 cents from Wednesday’s close.

The Canadian dollar hasn’t closed above 70 cents U.S. in more than a week.

Colin Cieszynski, chief market strategist at CMC Markets, says the loonie received a “double boost” from the rebound in crude prices and the Bank of Canada’s decision Wednesday to hold its benchmark interest rate steady.

 

© 2016 The Canadian Press