Loonie paces oil at three-year high
OTTAWA — Canada’s dollar rose to the strongest level in more than three years vis-à-vis the U.S. greenback as oil rose above $111 a barrel – also the highest it’s been since 2008.
Oil continues to rise due to tensions in the Mid East. Production in Libya is at a standstill as a fire burned at the country’s Sarir field and fighting between Libyan and U.S.-led UN forces intensified, further tightening supply.
Meanwhile, the loonie strengthened to 95.35 cents per U.S. dollar, the strongest since 2007.
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