Source: The Canadian Press

The Canadian dollar closed higher against the U.S. currency Friday in very light trading with stock and commodity markets in New York closed early for Christmas.

The loonie was up 0.24 of a cent to 99.36 cents US.

“Trade is winding down for the year and the low volume and participation rates will only be exacerbated in the last few sessions of 2010,” said a commentary from RBC Capital Markets.

The Canadian currency started off the year around the 95 cent US mark, closing above parity in early November.

Its rise came amid a weakening U.S. dollar, higher commodity prices and a Canadian economy which weakened late in the year but was still outperforming many other countries. Economists say the dollar will continue to trade at these elevated levels through 2010.