Loonie Hits 47-Year High

Rising oil prices and the likelihood of an imminent interest rate cut in the U.S. were giving the loonie more support on Monday. Crude oil futures topped a record $93 US a barrel in New York trading as an approaching storm prompted Mexico to shut about a fifth of its oil production. Rising commodity prices tend to boost the value of Canada's currency, as it's a net exporter of oil and many other commodities. Gold prices were also surging Monday, up another $4.80 to $792.30 US an ounce — a new 28-year high. .... http://www.cbc.ca/money/story/2007/10/29/loonie.html

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