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Posted AT 5:33 PM EDT on 16/04/08

Loonie surges as U.S. dollar swoons

The Canadian Press

TORONTO — The Canadian dollar rose 1.73 cents (U.S.) to close at 99.86 cents Wednesday as the U.S. dollar's global weakness intensified and the loonie benefited from rising commodity prices. The loonie's latest gain came after a Statistics Canada report suggested Canadian manufacturers continue to show surprising resilience in the face of the U.S. economic slump and Canadian potash producers reaped a rich new contract with China.

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