Loonie soars nearly a quarter of a cent, flirts with 80 cents U.S. mark at close

The Canadian Press</span>
Published Monday, July 24, 2017 7:15AM EDT
Last Updated Monday, July 24, 2017 4:44PM EDT

TORONTO -- The Canadian dollar gained nearly a quarter of a cent today after cresting above the 80 cent US threshold in morning trading.

At the close, the loonie was up 0.23 of U.S. cent to an average trading price of 79.92 cents US.

The dollar has been climbing since the middle of June, when speculation grew that the Bank of Canada was going to raise its key benchmark interest rate.

The central bank hiked its key interest rate on July 12, its first rate increase since 2010.

On Bay Street, Canada's main stock index pulled back moderately as gold and materials stocks lost ground.

The Toronto Stock Exchange's S&P/TSX composite index was down 54.44 points to 15,128.69.

In New York, the Dow Jones industrial average declined 66.90 points to 21,513.17 and the S&P 500 index lost 2.63 points to 2,469.91. The Nasdaq composite index was up 23.06 points to 6,410.81, a record high.

In commodities, the September crude contract added 57 cents to US$46.34 per barrel and September natural gas fell eight cents to US$2.88 per mmBTU.

August gold lost 60 cents at US$1,254.30 an ounce and September copper was up one cent to US$2.74 a pound.

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