With crude oil prices closing above record levels yesterday, Canada's #1 export is propelling the Canadian dollar on the spot FX market. Spread bets, CFDs and spot forex trades should consider favouring the Canadian dollar as it has risen 2.2 per cent, thanks to help from crude oil prices. Bloomberg reports on the spot forex trading success of the Canadian dollar:
The increase in the Canadian dollar accelerated after it
broke the C$1.03 level where investors placed pre-set orders to
buy the currency, said Steven Butler, director of foreign
exchange trading at Scotia Capital Inc. in Toronto.
