10/09/2015 10:35 EDT | Updated 10/09/2016 05:12 EDT

Loonie Up Sharply, Oil Up, American Dollar Weakens

Roberto Machado Noa via Getty Images
TORONTO, ONTARIO, CANADA - 2015/03/11: The Canadian dollar or loonie is under pressure amid weak oil prices and a strengthening U.S. currency. Today, the loonie dropped to 78.39 cents for a U.S dollar the lowest in a many years. (Photo by Roberto Machado Noa/LightRocket via Getty Images)
TORONTO — The loonie was up sharply and a benchmark crude edged above US$50 a barrel on Friday as the American dollar weakened.

The Canadian dollar gained of 0.35 of a U.S. cent to $77.17 cents US. The currency has traded below 77 cents US for most of the past two months, in part because of the strong U.S. dollar and weak prices for oil and other commodities.

The Dow Jones industrial futures were up 34 points at 17,000.0 before markets opened, the S&P 500 futures advanced 3.10 points to 2,009.7 and the Nasdaq futures gained 3.0 points to 4,347,8.

On the commodity markets, the December gold contract rose $10 to US$1,155.10 an ounce, the November crude contract was up 79 cents at US$50.22 a barrel and the November contract for natural gas was down one cent at US$2.49

On Thursday, Toronto's S&P/TSX composite index gained 110.31 points at 13,978.66 points, turning around earlier losses to log a fifth consecutive trading day of gains.

The TSX main index has launched a major climb over the past week, jumping 5.6 per cent since last Friday morning.


What Gets More Expensive When Oil Prices Rise