Last Updated: Tuesday, November 6, 2007 7:48 AM ET
The Canadian Press
The high-flying loonie has cleared another symbolic milestone — topping the $1.08 US mark in early-morning overseas trading Tuesday.
Just after 6 a.m. ET, the Canadian dollar traded briefly at 108.007 cents US, before dropping back below the benchmark $1.08 figure.
On Monday, it closed up 14 basis points at 107.18 cents US. That close broke through the previous 50-year-old high that was reached on Friday.
A key factor in the Canadian dollar's rise is the price of oil. It was trading Tuesday above the $95 US a barrel mark.
Traders expect further declines in U.S. crude oil stocks and that's fuelling concerns that supplies may be inadequate going into the Northern Hemisphere winter.
Analysts think some traders and investors will try to push oil prices to the psychologically important $100-per-barrel level this week.
No comments:
Post a Comment