Canada dollar hits highest level since Oct 2008

Wed May 27, 2009 12:26pm EDT
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TORONTO (Reuters) - The Canadian dollar rose to its highest level since early October versus the U.S. currency on Wednesday, boosted by a rise in oil prices and growing optimism about the outlook for the global economy.

Around midday, the Canadian unit rose as high as C$1.1098 to the U.S. dollar, or 90.11 U.S. cents, which marked its highest level since October 8, 2008.

The Canadian currency has surged about 17.7 percent since it fell to a four-year low below 80 U.S. cents in early March.

(Reporting by Frank Pingue; Editing by Jeffrey Hodgson)