Loonie hits 9-month high above 79 cents as oil surges

The Canadian dollar gained more than three-quarters of a cent this morning, rising to its highest level since last summer in part because of higher oil prices.

The loonie was changing hands at 79.02 cents US a little after 10 a.m. ET on Tuesday, before dipping back just below the threshold, Bloomberg data showed.

The dollar's one per cent surge came on the back of a similar gain for oil in the morning — the price for a barrel was up $1.42 to $42.61.

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