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Wednesday, October 31, 2007

Oil Just Whiskers Below $100, but Can it Drive Canadian Dollar Beyond 90 Cents?

Wednesday, 31 October 2007 21:52:48 GMT

The Canadian dollar has recently rallied to fresh multi-decade heights against the US dollar, with record crude oil costs stoking strong demand for the Canadian currency. With the world’s second-largest proven oil reserves, Canada has undoubtedly benefitted from the commodity’s meteoric uptrend. Given the fact that it is the single-largest exporter of oil to the United States, it is little surprise that the US Dollar-Canadian dollar exchange rate has held a historically high correlation to the price of crude oil. However this correlation is waning, indicating that US dollar weakness is becoming a bigger driver of USD/CAD than just oil prices. Therefore it remains to be seen whether $100 oil will drive USD/CAD below 90 cents.

Source: DailyFX.com, Written by David Rodriguez, Currency Analyst
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