News

Canadian dollar moves higher, on weaker greenback, stronger commodity prices

TORONTO – The loonie closed higher Friday as the U.S. dollar weakened and commodity prices were generally stronger.

The Canadian dollar was up 0.27 of a cent to 100.75 cents US.

Oil prices advanced after two consecutive days of declines.

The May crude contract on the New York Mercantile Exchange gained 78 cents to US$103.05 a barrel.

Meanwhile, bullion prices gained $1.40 to US$1,642.80 an ounce.

Copper prices moved lower, however, down one-eighth a cent to US$3.688 a pound.

Late in the day, the International Monetary Fund said it had raised more than US$430 billion in an effort to assure finance markets that it has sufficient firepower to handle any new problems among the heavily indebted countries of Europe.

IMF Managing Director Christine Lagarde said the total raised would nearly double the IMF’s available resources to make loans to countries in trouble.

Lagarde said that some countries, including Russia, India, China and Brazil had made private pledges, but said she did not want to issue public commitments until they had conferred with officials in their home capitals.