Perhaps one of the biggest beneficiaries of the increase in energy prices will be the Canadian Dollar, writes The Stalwart. Already it's had a pretty great few years, as you can see in the previous link.
Canada is right up there with Mexico and Saudi Arabia among the chief exporters of Oil to the United States. Unlike Saudi Arabia it's investable. [For example: with the iShares Canada ETF, ticker: EWC.] Unlike Mexico, Canada, presumably, profits nicely from their oil sales instead of losing much of it to inefficiency and corruption.
The Canadian economy may benefit from another tailwind, the presence of so-called oil sands, many of which are only worthwhile to invest in when oil is high. Already deals are starting to happen. Whether these deals turn out profitably of course, is difficult to tell, but they will all require purchases of Canadian Dollars which should help propel it upward.
Most frighteningly, and this isn't a joke at all, the Canadian Dollar is about a 20% move upward from achieving parity with the USD$. When that happens, that will be a devastating blow to our psyche and ego. I won't be surprised to if Bush orders a revaluation.
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