TORONTO — The Canadian dollar has been trading at $1.1873 US a barrel for the first time in two months.
That’s the highest level since the mid-1980s.
The Canadian dollar is up 0.5% against the greenback since Oct. 26.
As for the oil price, the benchmark West Texas Intermediate crude oil was trading for $50.47 a barrel, up 1.4%.
The benchmark Brent crude oil price was $46.77 US a bbl, up 6.2%.
The benchmark West Virginia Intermediate crude was trading at about $47.00 US a gallon, down 6.3%.
That’s an average of 7.3% year-over-year change.
This was the second consecutive month the Canadian dollar was trading higher versus the U.S. dollar.
In January, the Canadian loonie was trading in the range of $1 to $1,500 a barrel.
But on Friday, the loony jumped by almost 5%.
The Canadian pound, the euro and the U,S.
currency rose to their highest levels in more than three years.
On Friday, Toronto-Dominion Bank chief economist Craig Wright predicted that the lop-sided dollar would continue to move higher against the U and the euro over the next two to three months.
“That’s a pretty good bet for the Canadian economy right now,” he said.
Wright added that the dollar is expected to be in a “stable” range against the yen and other currencies.
Canadian exports to the U: up 6% from January to MarchSource: Canadian Central BankThe loonies gained a little, but that was mainly due to strong U.K. exports to Canada.
Britain exported $4.6 billion worth of products to Canada last year.
Canada exports more than $2.5 billion worth to the EU, which includes Britain.
EU exports to Australia have risen to $7.2 billion from $5.3 billion last year, according to the European Commission.
The dollar was up 0% against a basket of currencies.