The rebound on the North American markets yesterday continued today in Asia. The main European markets are also up strongly in mid day trading.

And the Canadian dollar is trading overseas this morning at 70.60 cents U.S., up more than a half a cent from yesterday’s close of 70.03 cents U.S.

The loonie rebounded yesterday thanks to the surging price of oil.

“This is the biggest jump for the loonie since April. It started the year with a 13 session losing streak, so it was nice to see the reversal,” said Zoomer Radio’s Financial Analyst Mary Ann Devenney of TD Wealth Management.

Some analysts believe it was both higher oil prices and Wednesday’s Bank of Canada decision to hold its benchmark interest rate, that are responsible for the hike.