Loonie advances for second day as crude prices rebound

Canadian dollar rose on Thursday for the second straight day after drawing support from crude's recovery for a second day, while the U.S. dollar gave up ground versus a basket of major rivals. 

USD/CAD last traded at 1.2897, compared to the opening of 1.2963, with a session-low at 1.2890, and a one-week high at 1.2984. 

Loonie's gains today come as crude prices recover ground as they go together usually, since Canada's economy depends on oil sales for a large part of its receipts.

On the other hand, the greenback fell against a basket of major rivals today, helping loonie gain ground as recover further losses. 

The dollar index, which gauges the greenback's performance against an array of major counterparts, last traded at 95.96, compared to the opening of 96.05, with an intraday low at 95.91, and a one-week high at 96.21, after the index rose yesterday to a week high at 96.53.