Rebound in crude prices helps loonie break through 70 cents US

TORONTO — Strengthening oil prices helped the commodity-sensitive loonie punch through the 70-cent U.S. mark, closing at 70.03 cents U.S.That’s an increase of 1.02 cents from Wednesday’s close.The Canadian dollar hasn’t closed above 70 cents U.S. in more than a week.Colin Cieszynski, chief market strategist at CMC Markets, says the loonie received a “double boost” from the rebound in crude prices and the Bank of Canada’s decision Wednesday to hold its benchmark interest rate steady.Global markets lick wounds after torrid two days that wiped trillions of dollars off stocksHow the weak loonie is boosting Canadian resort real estate sales among U.S. buyersThe Toronto Stock Exchange’s S&P/TSX composite index climbed 192.75 points to 12,035.86 as the March contract for benchmark crude oil rose $1.18 to US$29.53 a barrel.In New York, the Dow Jones industrial average rose 115.94 points to 15,882.68, while the broader S&P 500 added 9.66 points to 1,868.99 and the Nasdaq inched 0.37 of a point higher to 4,472.06.Elsewhere in commodities, the February contract for natural gas climbed two cents to US$2.14 per mmBtu, while February gold fell $8.00 to US$1,098.20 an ounce and March copper rose four cents to US$2.00 a pound. read more