The Canadian dollar reached 77.23 cents against the U.S. dollar today, marking the highest point the loonie has traded since October. It has steadily climbed upwards over the course of the past two months, up from the January 15 low of 68.9 cents U.S.
Since Wednesday, the loonie has gained approximately two cents, an increase credited by analysts as a reaction to higher oil prices and a fall in the U.S. dollar.
Oil prices reached $40.13, an increase of approximately $1.67, which is the highest level it has climbed this year to date. The Canadian dollar is driven by oil prices, which reached a low of $26.05 per barrel just a month ago.
The U.S. Federal Reserve’s decision to not raise interest rates on Wednesday was another factor.