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 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.