The Canadian currency is ranking among the best performers
today in foreign-exchange markets as the crude oil and metallic
c commodities rose today, favoring Canadian stocks that benefi
ed from tensions in the Middle East region. After Iranian forces
occupied an oil well on its neighboring country Iraq yesterday,
the crude oil rates jumped significantly, providing support for the
loonie to beat most of 16 main traded currencies in the past hours,
as the commodity is one of the main nation’s exports specially to
the U.S., helping the Canadian dollar to gain specially versus its U.S.
counterpart research in motion limited, a Canadian wireless devices
company best known for producing the Blackberry, forecast higher
than expected sales and profits, adding confidence to Canadian stocks
that were partially responsible for the loonie’s performance today in
currency markets.The oil rates combined with RIB performance provided
the perfect pattern for the loonie to rally, according to analysts. A higher
loonie, especially versus its U.S. counterpart can be expected in 2010
if the oil and gold continue to have increases on their demand. USD
/CAD traded at 1.0681 as of 16:48 GMT from a previous rate of 1.0723
in the intraday comparison. AUD/CAD traded at 0.9466 from 0.9495.
Ifyou want to comment on the Canadian dollar’s recent action or have
any questions regarding this currency, please, feel free to reply below.
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