VANCOUVER (NEWS1130) – The Canadian dollar is climbing for the seventh day against its US counterpart, reaching a peak of 4.12 cents above parity this morning — the highest level since November 15th, 2007.
The loonie was up by one-third of a cent on international markets, bolstered by an ever-rising price of oil, up to $108.50 (US) a barrel.
The outlook for Canadian interest rates was also a little more aggressive than the US Federal Reserve in the second-half of this year. The Bank of Canada was expected to move higher on the benchmark overnight lending rate.
Also, the economic prospects lifted the loonie, after the Organization for Economic Cooperation and Development (OECD) out of Paris, France, forecasted Canada’s economy would do the best of the G7 nations in the first-half of 2011.