Canadian dollar rallies to nearly 10-month high

Canadian dollar rallies to nearly 10-month high as oil prices rise



The Canadian dollar rose to its highest level in nearly 10 months on Wednesday, leading commodity-linked currencies higher after official U.S. government data showed domestic crude production fell for a sixth straight week.

The dollar USDCAD, -0.3157% traded as low as C$1.2596, its lowest level since early July, compared with C$1.2691 late Tuesday in New York.

“Inventories data came in and showed U.S. production continuing to decline. That has helped the commodities complex,” said Greg Anderson, global head of currency strategy at BMO Capital Markets.

Oil prices had fallen sharply earlier in the session after Kuwaiti oil workers ended a strike that temporarily depressed production. But they recovered after the inventories data, turning higher as signs that U.S. production is finally starting to fall offset upward pressure on the commodity.

West Texas Intermediate crude oil for May CLK6, +3.72% which expires after the market settles on Wednesday, was up 63 cents, or 1.5%, to $43.10 a barrel.

Other commodity-linked currencies like the Russian ruble USDRUB, -0.7704%  and Mexican peso USDMXN, -0.2536%  also logged strong gains.

Maps will be cashing in!!

already did


went to the track to see if he can cash in more

Hope it keeps climbing.....I need to buy some for my NY visit this summer.


otherwise I will have to beg my famo for spending money while I am there  ;D

Seems like Oil Industry represents a good deal of GDP in Canada eh?. Good thing that Canada's inner production is so diversified to not depend entirely of Oil prices's fluctuation tho.