The Strengthening Of The Canadian Dollar
The Canadian dollar has climbed to its highest value in nearly three months as commodities rose and the US dollar continued to struggle. As roughly half of Canada’s export revenue is generated via commodities, activities such as crude oil reaching its peak value level for 15 months have assisted in The Strengthening Of The Canadian Dollar, which in turn has offered lucrative trading opportunities to forex traders at trading sites like AVAFX.
Forex traders can often be wary of the Canadian dollar as it can have volatile tendencies and trends which are notoriously difficult to predict. However, the rising value of oil has helped to make many forex traders, at trading sites such as AVAFX, a pretty profit recently. The price of crude oil for February rose to $83.95 a barrel in electronic trading on the New York Mercantile Exchange.
Encouraging housing market figures have also lent a helping hand to the strengthening of the Canadian dollar, which is nicknamed the ‘loonie’ due to the image of the waterfowl on the $1 coin. Mortgage lending figures rose to their highest level since October 2008, further reinforcing the strength of the ‘loonie’.
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