The U.S., Canada’s largest trading partner, experienced a the second greatest boost in its manufacturing industry in over two years last December that drove the Canadian dollar against most of its peers.

The loonie fell against the greenback after momentarily rising with American claims for unemployment benefits falling to their lowest in a month. Increased exports will determine the strength of economic growth, according to the Governor of the Bank of Canada, Stephen Poloz. Canada’s biggest exporting commodity, crude oil, drop to the lowest level in a month.

Economic analysts are looking to the U.S. economy for clues on the improvement of the Canadian dollar on the expectation that Canada can get a lift on an outperforming American economy. In 2013 the Canadian dollar lost an overall 6.6 percent, experiencing its biggest decline in five years.