The Canadian dollar jumped more than a penny Wednesday as investors sold the U.S. currency and as oil prices gained ground.
The loonie strengthened to 93.16 cents (U.S.) from 92.12 cents on Tuesday. The euro and the Australian dollar also strengthened "as investors are piling back into risk trades again," said Bank of Montreal deputy chief economist Doug Porter in a morning note.
The Canadian currency's gain came as oil prices rose 1.9 per cent to $67.99 a barrel in New York. The dollar held its gains, even after a report showed the country's economy unexpectedly stalled in July.