Canadian oil production may boost Loonie

Canada currently had enough oil reserves to supply all US oil needs for the next three years. The only problem is that much of this oil is trapped in Canada’s oil sands, and it may be costly and difficult to extract. Once the oil starts to flow, however, Canada will likely become one of the world’s top 10 oil exporters, behind such powerhouses as Venezuela, Russia, Saudi Arabia, and Iran. The recent strength of Canada’s currency, the Loonie, can be almost entirely attributed to the high price of commodities, especially oil. It seems forex traders would benefit from studying a little geology.
Read More: Canada Becomes Northern Oil Empire