KAREN BLEIER/AFP/Getty Image

The loonie neared 97 U.S. cents on Monday as oil prices surged and in the wake of strong Canadian jobs data late last week.

LONDON — The Canadian dollar extended gains to hit a new one-year high against the U.S. dollar on Monday as oil prices surged and in the wake of strong Canadian jobs data late last week.

The loonie was trading at 96.75 U.S. cents at 10 a.m on Monday. The exchange rate hit a high of 96.92 U.S. cents earlier on Monday.

Higher-than-expected domestic jobs figures on Friday raised speculation the Bank of Canada may be forced to raise rates sooner than expected.

U.S. crude oil futures rose above US$72 a barrel on Monday.

© Thomson Reuters 2009

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