Article content Surging demand for commodities and the Bank of Canadaâs relatively hawkish stance on interest rates are helping to propel the loonie to levels not seen in years, according to analysts. The Canadian dollar has been trading above 83 cents US in recent days, its highest level since 2015. We apologize, but this video has failed to load. Try refreshing your browser. The loonie is soaring â and it isn't just an oil story Back to video Karl Schamotta, chief market strategist at Cambridge Global Payments, said it isnât just oil driving the rise on the commodities side, where raw materials and base metals have been doing much of the heavy lifting.