TORONTO – The Canadian dollar was gaining strength Thursday, trading above 70 cents U.S., as North American stock markets advanced modestly and the price of oil rose.
The loonie was at 70.06 cents U.S. in late morning trading — more than a full cent above its close on Wednesday.
After several sessions of steep drops, the Toronto Stock Exchange’s S&P/TSX composite index was advancing, up 155.7 points at 11,998.80 in mid-afternoon trading.
On Wednesday, it ended the day down 159.13 points at 11,843.11, its lowest close since June 24, 2013, when it finished at 11,836.86.
MORE: Stock markets recover from steep dive, but still end day lower
Similarly, a revived Dow Jones industrial average was up 126.8 points at 15,893.51 with about 90 minutes remaining in the trading day.
The broader S&P 500 index was up 10.67 points at 1,870.00 points and the Nasdaq 100 was up 15.96 points at 4,477.65.
Major European indexes were up slightly near the end of their trading day but the Shanghai, Tokyo and Hong Kong markets closed lower before the North American trading day began.
On the commodity markets, the March crude contract was at US$29.62, up $1.27.
WATCH: Bank of Canada Governor Stephen Poloz says it could take up to three years for the Canadian economy to readjust in the wake of collapsed oil prices.
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