Loonie closes at 77 cents US, highest level in more than a month

TORONTO – Higher oil prices and a weak U.S. dollar helped push the loonie ahead for a fourth straight day.

The Canadian dollar climbed 0.38 of a cent to 77.80 cents U.S., closing at its highest level in more than a month.

READ MORE: Global economy is tanking, says watchdog, but Canada can weather the storm

The currency found support from oil prices, as the September crude contract added 84 cents at US$46.58 per barrel amid growing hopes that OPEC will reach an output deal when the group meets next month.

WATCH: What worries Prime Minister Trudeau the most about the state of Canada’s economy? 

1:11 What worries Prime Minister Trudeau the most about the state of Canada’s economy?

Meanwhile, North American equity markets ended in the red with Toronto’s S&P/TSX composite index losing 73.58 points at 14,703.44, weighed down by gold and materials stocks.

READ MORE: Canada’s competitiveness slips to worst ranking in several years

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New York markets retreated from the all-time highs seen on Monday. The Dow Jones industrial average dropped 84.03 points to 18,552.02, the S&P 500 slipped 12 points to 2,178.15 and the Nasdaq composite declined 34.91 points to 5,227.11.

Commodities were positive with September natural gas advancing three cents to US$2.62 per mmBTU, September copper ahead two cents at US$2.17 per pound and December gold contracts rising $9.40 to US$1,356.90.