Loonie closes 2010 above parity

Rising commodity prices boost Canadian dollar

The Canadian dollar closed out 2010 higher than the greenback, finishing the year at 100.54 cents U.S. The figure represents a 5.6 per cent gain over the past 12 months and is the loonie’s highest closing value since May 2008. The Canadian dollar’s rise was largely due to an increase in oil prices and a spike in the price of copper, while its U.S. counterpart fell on strong economic data that prompted investors to take on more risk.

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