Excerpt from: GFT Analysts in the News
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| May 21, 2008 | | Oil prices help the loonie in currency trading | The Canadian dollar is on the rise again in forex trading on the currency market. Thanks to rising oil prices, the loonie is making solid gains in currency trading.
The Canadian dollar relies in great measure on commodities, like oil, for support in forex trading. And oil is especially profitable since the US actually gets most of its oil from Canada.
In the short term, the loonie is likely to continue to do well in currency trading on the FX market. However, forex traders should be on the look out for a correction. Volatility in the Canadian dollar is likely to increase as volatility in oil prices increase.
| Topic Tags: Canadian dollar forex trading, currency trading, forex, forex traders, forex trading, forex trading currency market, loonie currency trading, oil prices | |
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