The Canadian dollar reversed losses witnessed earlier this week during trading yesterday (October 21st), with the high-yield currency finding support from a surge in crude prices.Petroleum commodities climbed across the board on the New York Mercantile Exchange yesterday after a report from the US Energy Information Administration showed an unexpected strengthening in demand for gasoline and distillates throughout the country.In turn, the loonie rose sharply during US trading as foreign exchange brokers honed their appetites for risk and moved away from low-yield assets such as the US dollar.The greenback also lost ground against the euro during trading yesterday, slipping beyond $1.50 mark for the first time in 14 months.Speaking to Bloomberg, Steven Butler, Toronto-based director of foreign-exchange trading at Scotia Capital, explained that strong third-quarter earnings results from North America's largest banks also helped to restore confidence in global economic recovery."The positive bank earnings turned things around, and the world looks like a safer place once again," he told the news agency.