The Canadian dollar climbed during foreign exchange trading on Wednesday (September 30th) on the back of stronger oil and a positive economic outlook from the International Monetary Fund (IMF).At the close of trading in New York yesterday, the currency - dubbed the loonie for the aquatic bird on the reverse side of the C$1 coin - stood at C$1.0846 against the dollar, after earlier hitting C$1.0672, a rise of 1.6 per cent.Steve Butler, director of foreign exchange trading in Toronto at Scotia Capital, commented: "There was lots of good news. We need to see a close through C$1.0650 to give the Canadian-dollar bulls some confidence."The currency's rise came as both oil and gold rose and a raft of stronger economic data from the US helped to boost confidence in North American recovery.Prominent among the reports released yesterday was the consumer spending index from the Conference Board, with figures from the group showing a surge in sales activity over August.