TORONTO - The Canadian dollar hit the 80-cent US mark minutes after North American stock markets opened for trading today.
The loonie was up 0.31 of a U.S. cent from Thursday's close of 79.69 cents US at 9:47 a.m. ET before slightly retreating.
The last time the loonie closed above the 80-cent US level was on June 30, 2015, when it settled at 80.06 cents US.
The loonie's rise marks a remarkable turnaround in recent months for the currency, which has been aided by weakness in the U.S. dollar.
In January, the Canadian dollar was trading around the 68-cent US mark.
The jump came as the S&P/TSX composite index was up 52.47 points to 13,938.80, while the June contract for benchmark North American crude oil was trading at US$46.58, a 55-cent lift.
Earlier, Statistics Canada reported that the economy contracted by 0.1 per cent in February, the first monthly decline since September, though that was in line with expectations.
New York was in the red, with the S&P 500 down 10.31 points to 2,065.50, the Dow Jones industrial average sliding 92.11 points to 17,738.65 and the Nasdaq composite falling 25.77 points to 4,779.52.
June natural gas rose two cents to $2.10 per per mmBtu, while the June gold contract gained US$19.60 at US$1,286.00.
