Reports say that the Canadian Dollar witnessed a hike, witnessing the strongest increase seen in the last two weeks as compared to U.S. In addition to this, the dollar outperformed the figures of various commodity-exporting nations, with the trade of oil witnessing an all time high of two years. Reports further confirmed that Oil, which marks as the biggest export of Canada traded for more than $90 per barrel.

According to C.J. Gavsie, who is the managing director in the department of foreign exchange trading at Bank of Montreal’s BMO Capital Markets unit, the news with oil is of great help. He further went on to say that it was on the cards to witness some amount of catch-up as the far the Canadian Dollar is concerned.

At one point, it touched 98.61. Further, it gained 0.3 percent to 98.79 cents per U.S. dollar, marking a figure which stroked its strongest point since January 18th of this year. As far as the Crude Oil is concerned, it mounted almost 1.1 percent to $91.78 a barrel.

Further, experts believe that the rising of Canadian dollar emerged out of the fact that the United States added one lakh, eighty seven workers in January, which means that a strong U.S. growth has a direct and positive impact on the Canadian growth outlook as well.

A strong economy is definitely on the cards and this can only bring positive news for prospective immigrants intending to move to Canada as they have all the best job opportunities with a great economy on cards.