The Canadian dollar climbed higher against the U.S. dollar on Thursday, supported by a rally in oil prices. Oil, a major export for Canada, saw its price increase, providing a boost to the Canadian currency.

The loonie also benefited from a generally weaker U.S. dollar, which fell against a basket of currencies. Positive Canadian economic data released earlier in the week further supported the Canadian dollar’s upward trend.

Analysts suggest that the Canadian dollar’s strength may continue in the short term, contingent on sustained high oil prices and continued positive economic indicators from Canada.