Skip to main content

Ryan Remiorz/Ryan Remiorz/The Canadian Press

The Canadian dollar shook off early losses to close slightly higher against the U.S. currency Thursday despite a drop in both oil and gold prices.

Both commodities fell amid reports that Libyan leader Moammar Gadhafi was considering proposals from Venezuelan President Hugo Chavez for a peace plan to resolve the political crisis that has split the African country in two.

The loonie closed up 0.02 of a cent at $1.0286 (U.S.).

Story continues below advertisement

The American currency weakened after the president of the European Central Bank, Jean-Claude Trichet, warned that the bank is ready to act soon to make sure high inflation does not become entrenched in the 17-country euro zone.

The markets took Mr. Trichet's comments as a clear hint that interest rate increases would be considered and the euro spiked to almost $1.40 (U.S.).

The April crude contract on the New York Mercantile Exchange lost 32 cents to $101.91 a barrel after closing Wednesday at its highest level since September, 2008.

But prices are still up about 13 per cent from Feb. 18 as traders worry that anti-government unrest will spread to other oil-producing countries in the Mideast.

Reports of mediation proposals also pushed bullion lower as the April gold contract on the Nymex fell $21.30 from Wednesday's record close to $1,416.40 an ounce.

Copper prices lost early gains and the May contract in New York dipped one cent to $4.49 a pound.

Report an error
Comments are closed

We have closed comments on this story for legal reasons. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

Combined Shape Created with Sketch.

Combined Shape Created with Sketch.

Thank you!

You are now subscribed to the newsletter at

You can unsubscribe from this newsletter or Globe promotions at any time by clicking the link at the bottom of the newsletter, or by emailing us at