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Loonie adds to gains

31.10.2008 17:02 Shopping - Source: cbc.ca

The Canadian dollar traded higher on Thursday, a day after it had one of its biggest gains on record.

The loonie ended up 0.47 of a cent at 82.10 cents US, after being up more than two cents earlier in the day.

On Wednesday, the loonie shot up 3.67 cents US. The Canadian dollar's gains came as the U.S. dollar fell against other major currencies, including the euro and the British pound.

The U.S. Federal Reserve on Wednesday lowered a key interest rate by one-half of a percentage point to one per cent, a four-year low. Lower interest rates would make the U.S. dollar less attractive rates to investors, pushing them to invest in other currencies.

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