The loonie climbed to notable highs versus the euro and greenback on Monday in New York. Traders mulled higher U.S. oil prices.
Crude oil prices surged towards $50 per barrel amid ongoing violence in the Middle East. Light sweet crude for February delivery rose to $49.19, up $2.85 for the session. Prices hit as high as $49.22, oil's highest intraday mark since Dec. 16.
The Canadian dollar reached a 2 1/2-week high against the U.S. dollar on Monday. The loonie rallied to 1.1865 by 11:00 am ET, up from 1.2224 in the early morning. Investors weighed a report showing U.S. construction spending fell less than expected in November.
The loonie hit a monthly high versus the euro on Monday. The Canadian dollar rose to 1.6132 just after 12:00 pm ET, up from an early morning low of 1.6879. Traders pondered a survey showing Euro zone investor confidence improved in January.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.