Loonie Soars To 50-Year High

The remarkable strength of Canada's currency over the past few months can be traced to a number of factors, including the country's strong domestic economy and demand for Canadian-produced resources such as crude oil and metals. Wednesday's increase of 93-100s of a U.S. cent was helped by the positive response to tax cuts announced the previous day by Finance Minister Jim Flaherty and by weakness in the U.S. dollar against other major currencies and by a sharp increase in global crude oil prices. The Canadian dollar is seen as a petro-currency since the country is a net exporter of crude oil. Higher prices for crude oil tend to push the loonie higher. .... http://money.canoe.ca/News/Other/2007/10/31/4620704-cp.html

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