The Canadian Dollar has continued to climb in line with the improving oil price, as Sterling finds itself in the unenviable position of August’s biggest loser of the major currency pairs.
The Canadian Dollar is closely correlated to the value of oil as it’s the country’s biggest export, so with oil recently hitting a one month high it’s no surprise to see the Loonie posting gains, and I think it’s worth noting that CAD has gained on the USD for around 6 consecutive trading sessions now.
The rise in oil (and therefore CAD’s value) has mostly been put down to talk of a production cut at next months informal OPEC (The Organization of the Petroleum Exporting Countries), as less oil in circulation is likely to boost its value.
The gain in CAD’s value has left Canadian Dollar sellers which a great opportunity to repatriate their funds into Pounds, as the pair are currently trading close to their 52 week low on GBP/CAD.
It may be wise for CAD sellers to take advantage of the current levels as should oil see another sell-off we could see CAD’s recent gains wiped out.
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