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The Canadian Dollar Correlates With Crude Oil


  • Canada is a mineral and energy-rich nation.
  • The Canadian dollar has declined since 2007 and 2011.
  • Near the bottom end of the trading range, but trending higher.
  • Book value in the U.S. neighbor to the north.
  • FXC moves higher and lower with the C$ versus US$ currency pair.
  • Looking for more stock ideas like this one? Get them exclusively at Hecht Commodity Report. Get started today »

I am a huge hockey fan. I grew up in Brooklyn, N.Y., and for over half a century, I supported the New York Rangers. As a season ticket holder, I had to endure the chants of "1940" from those who despised my team, the year the Rangers hoisted Stanley Cup. In 1994, the Rangers finally won the trophy as they defeated the Vancouver Canucks in seven games. In 2014, the Rangers made it back to the cup final, but they lost to the Los Angeles Kings as Alec Martinez scored the winning and season-ending goal in game five in overtime.

I moved to Las Vegas eight years ago. In 2017, before the start of the 2017-2018 season, I gave up the Rangers to give my full support to my new home team, the Las Vegas Golden Knights. The VGK has turned out to be one of the most exciting teams in the history of the sport.

I look forward to the day they lift their first Stanley Cup at T-Mobile Arena on the Las Vegas strip. A few weeks ago, the Knights acquired Alec Martinez from the Kings, which could turn out to be a reversal of fortune.

When you think of Hockey, Canada immediately comes to mind. The US neighbor to the north is the heartland of the support. Aside from hockey, Canada is a wealthy nation, rich in natural resources and agricultural products. Canada is a leading producer of energy, and its currency tends to move with the price of crude oil. The Invesco Currency Shares Canadian Dollar Trust (NYSEARCA:FXC) reflects the US versus the Canadian dollar currency pair.

Canada is a mineral and energy-rich nation

Canada has a marginally larger landmass compared to the United States, but the US has over eight times more people than its neighbor

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This article was written by

Andrew Hecht profile picture

Andrew Hecht is a 35-year Wall Street veteran covering commodities and precious metals.

He runs the investing group The Hecht Commodity Report, one of the most comprehensive commodities services available. It covers the market movements of 20 different commodities and provides bullish, bearish and neutral calls; directional trading recommendations, and actionable ideas for traders. Learn more.

Analyst’s Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

The author always has positions in commodities markets in futures, options, ETF/ETN products, and commodity equities. These long and short positions tend to change on an intraday basis.

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Comments (7)

TraderTech profile picture
CAD looks much like the Brazilian REAL, which has done nothing but gone down during several articles written about it. Lost $3500 on that cluster.
sdelos80 profile picture
Canadians are famously well mannered, but it seems that may have led them to benignly accept policies that are suicidal to their national heritage. I suppose it won't be long before some very crass populist rises on the political scene to intervene in this suicide. That will be a good time to buy the CD.
Thanks for the good info on the CAD.

Still puzzled why the Canadian Central bank doesn't hold gold in its reserves.
Oh Canada, what in the hiawatha is happening to your currency?
sdelos80 profile picture
I read that Trudeau said Canada wouldn't be bullied into supporting the US ban on Huawei. However, when I read that over 75% of Canada's exports go to the US while less than 4% go to China, it reminds me of all the "experts" who said the US couldn't win a trade war with China.
The CAD peso has been a disaster of a currency. This past year it barely moved.
chippos profile picture
The Liberals and their eco-nut terrorists are successfully shutting down investment in the country, Buffett just pulled out of a project in Quebec for example, the CAD peso is going to move , and its not moving up.
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