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The Canadian dollar continued to rise against the U.S. currency Wednesday, edging closer to parity with the greenback.

The loonie was up 0.8 of a cent to 97.28 cents US at mid-morning.

The Canadian dollar has gained for five straight trading days against the U.S. currency.The Canadian dollar has gained for five straight trading days against the U.S. currency. (Paul Chiasson/Canadian Press)

Analysts offer various reasons for the decline of the U.S. dollar: everything from a move into riskier currencies as stock markets rise and the recovery appears to be taking hold, to fears of a growing U.S. budget deficit and possible inflation.

North American stock markets gained ground as the world's biggest maker of computer chips — Intel — rose after coming out after hours Tuesday with a better-than-expected revenue forecast for the last three months of the year.

CBC News - Money - Canadian dollar gains for 5th day