Loonie tracks oil's climb, ECB chief's support for euro

The value of the Canadian dollar pushed to its highest point against its southerly rival in more than two months on Thursday. The loonie was propelled higher by remarks from President Mario Draghi with the European Central Bank about endorsing the shared currency of the European Union, Bloomberg reports.

Also pushing up the loonie were gains to the price of crude oil, the natural-resources-rich nation's top export. But the Draghi remarks about the embattled monetary unit were heard across the bow and gave a boost to higher-risk assets.

"The Canadian dollar is reacting to Draghi's very strong comments," head of currency strategy Camilla Sutton with Bank of Nova Scotia in Toronto told the news source. "There's a significant short covering in euro. Other markets are following suit on reduced risk aversion."

The loonie drove to its highest value since May 16 against the U.S. dollar after gains of 0.9 percent.

The Wall Street Journal reports Draghi said the financial institution he leads is likely to purchase government bonds or explore additional options to push down expenses and costs for sovereign borrowing. He did rule out an operation for long-term refinancing and quantitative easing.