Excerpt from: Forex
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| January 06, 2009 | | Rising oil helps loonie in currency trading | The Canadian dollar is gaining in forex trading right now, rising for the first time in quite a while. One of the main reasons that the loonie is seeing some measure of success in currency trading comes from rising oil prices.
With supply back in focus for oil prices, $50 a barrel has been breached. The Canadian dollar, as a commodity currency, relies heavily on oil revenues for support. Indeed, early in 2008 the loonie saw parity with the U.S. dollar in currency trading, thanks to higher oil prices.
It is uncertain how far this rally will extend for the Canadian dollar in forex trading, but for now things appear to be looking up for now.
| Topic Tags: Canadian dollar, commodity currency, currency trading, dollar forex trading, forex trading, loonie currency trading, oil prices, rally forex trading | |
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