Daily Gains Letter

Canadian Dollar

The Canadian dollar is the official currency of Canada. It’s often referred to as the “loonie.” Canada, as a country, produces a significant amount of commodities, such as oil and natural gas among many others. Due to this, the Canadian dollar has formed a strong correlation with commodities prices. When they increase, the Canadian dollar follows in the same direction. Over the years, the Canadian dollar has gained a reputation as a safe and stable currency due to its resilience during the financial crisis of 2008 in the U.S. economy.