[ITNW] Forex. Commodity currencies. The Canadian dollar

The Canadian dollar (CAD) is a commodity currency, which mainly depends on changes in oil prices as Canada is the world’s largest oil producer. In particular, every day about 3 million barrels of oil, that is 90% of all exports, go to the U.S.A., a neighboring country. Thus, a large amount of exported oil boosts a demand for the Loonie, underpinning its exchange rate. Consequently, if global oil prices are on the rise, the Canadian dollar reinforces and the U.S. dollar falls in value. Read more: http://www.mt5.com/commodity_currencies/quotes/canadian_dollar/

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