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Canadian and U.S. banknotes are seen in this file photo. (Maciej Korzekwa/Getty Images/iStockphoto)
Canadian and U.S. banknotes are seen in this file photo. (Maciej Korzekwa/Getty Images/iStockphoto)

Loonie climbs higher as commodities get a bump Add to ...

The Canadian dollar trekked upward Thursday as commodities prices moved higher.

The loonie rose 0.23 of a cent to 97.05 cents (U.S.).

The price of oil hit a two-week high with the September crude contract settling up 48 cents at $107.33 a barrel as supply concerns returned following renewed unrest in Egypt.

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December bullion rose $27.50 to end at $1,360.90 an ounce as investors fled to the safe-haven commodity on the belief that the U.S. Federal Reserve could move to reduce its $85-billion-a-month monetary stimulus in September, a move that is expected to lead to a rise in the cost of borrowing.

September copper fell 2.5 cents to $3.34 a pound.

Earlier in the session the dollar had weakened following the release of improved weekly jobless claims numbers from the United States.

The U.S. Labor Department said the number of people seeking unemployment benefits dropped 15,000 last week to a seasonally adjusted 320,000, the lowest since October, 2007 – a sign of dwindling layoffs and steady, if modest, job growth.

The less volatile four-week average fell 4,000 to 332,000, the fewest since November, 2007, and the fifth straight decline.

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