Canadian dollar hits 47-year high

The Canadian dollar reached on Monday a 47-year high versus the US greenback, gaining on the US currency's recent weakness, as well as soaring demand for oil and other natural resources. At 1500 GMT, the American dollar was worth only 95.47 Canadian dollars, while the loonie, a sobriquet given to the Canadian dollar, was being traded for 1.0474 US dollars.
According to the Bank of Canada, the loonie had last seen such heights in March 1960. Analysts noted that all major currencies were increasing in value against the US dollar in anticipation of an interest rate cut by the US Federal Reserve on Wednesday. Since the beginning of this year, the Canadian dollar has increased 20 percent, and jumped 69 percent since 2002, when it was trading at a historic low of 61.70 US cents.