The Canadian dollar had one of its strongest days in months on Wednesday, gaining about two cents mainly because of a rebound in oil prices. Oil was up mainly because of new data out of the U.S. showing that drillers are starting to scale down and stop new drilling because of cratering prices. The Central bank forecasts the Lonnie’s average level at 86 cents, currently at 82 cents. However, the central bank has reduced its growth forecast for the year and has said that there would likely be no growth at all in the first quarter.
For further reading and details, see the 2 articles below.