TORONTO -- The Canadian dollar soared to its highest level since 2015 on Wednesday, hovering at just under 83 cents U.S., despite the COVID-19 pandemic putting pressure on global economic recovery.

Behind the loonie’s ascension are surging prices for commodities, like lumber and the rebound in global oil prices, along with wheat and copper exports recently hitting nine-year highs.

“These are things Canada produces, and therefore higher prices generate income here in Canada – this is better than fiscal stimulus,” Stephen Poloz, former Bank of Canada governor, told CTV News. “This is better for the economy.”

Policies the Bank of Canada has implemented – with interest rates staying largely in place and potentially rising next year – also put upward pressure on the dollar and make Canada attractive to investment.

All eyes now turn to the U.S., as how much longer the loonie stays this high depends on when the U.S. Federal Reserve will move to raise its rates.

Inflation in the U.S. is running at the highest level since 2008, but U.S. Federal Reserve Chairman Jerome Powell has hinted it’s unlikely the Reserve will raise interest rates before 2023.

With files from CTV News’ Senior Political Correspondent Glen McGregor