Does the price of oil affect the Canadian Dollar?

i just was interest to know if this was true and i also want to know what other commadaties affect currency prices.

Yes, commodities most certainly do affect currencies. The Canadian Dollar tends to move in tandem with the price of oil. The reason for this is because Canada is a huge exporter of oil, so the higher the price of oil the better it is for the oil companies exporting the product.

The Australian dollar is also very much affected by the price of gold.

Have to agree with Pipbull, there’s lots of oil up in Canada at the moment so their dollar fluctuates depending on the price.

Japan has very very little oil reserves so when the price of oil goes up the JPY loses value.

On the other hand Canada produces a lot of oil, so as the price goes up the Canadian dollar goes ups.

So what the best pair to trade when oil is rallying?


When oil goes up CAD goes up and JPY goes down and vice versa.

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