Canada’s dollar zoomed to a one-year high against the U.S. currency on Thursday as commodity and equity prices rose on upbeat economic data that lifted optimism for recovery and whetted the market’s appetite for risk.

The currency raced as high as C$1.0506 to the U.S. dollar, or 95.18 U.S. cents, its highest level since September 30, 2008. The underlying catalyst on Thursday was Australian employment data that rose past expectations.