Canadian dollar above 73 cents US as greenback finally slumps

The Canadian dollar gained more than two per cent on Thursday as the U.S. greenback sold off. (Ryan Remiorz/Canadian Press)

The Canadian dollar was trading above 73 cents US this morning for the first time since December.

The loonie was changing hands up about half a cent to 73.15 cents US before stock markets opened. It was last above 73 cents on Dec. 10.

The jump comes a day after an even stronger gain on Wednesday, when the loonie gained a full 1.42 US cents or two per cent, it's best showing in more than a year.

The loonie has been rallying along with other major world currencies in recent days mainly due to a rush away from the U.S. dollar, which had been on a tear

"A steady stream of disappointing U.S. data this week ... have taken the wind out of the big dollar's sails," BMO economist Sal Guatieri said. "Finally, some much-needed good news for Canadian snowbirds."

The loonie was higher despite a slight decrease in the price of oil. A barrel of benchmark West Texas Intermediate was going for $32.15 US early Thursday, down 15 cents on the day.

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