Loonie hits $1.10 US mark in overseas trade

Last Updated: Wednesday, November 7, 2007 12:53 AM ET
The Canadian Press
The Canadian dollar broke through the $1.10 US mark in overseas trading early Wednesday.
Analysts say the high-flying loonie, which hit the 110.02 cents US mark, shows no sign of landing anytime soon.
The currency set a modern-era record last Friday when it rose to 1.07 cents US, the highest it's been since 1950.
Analysts say the latest surge is credited to an impressive run-up in the price of crude oil, which is now flirting with the $98 US a barrel mark Wednesday.
Analysts also point to surging gold prices and solid returns for other commodities, particularly wheat.
The weak American dollar is further boosting the loonie.