Canadian Dollar continues to outperform

The Canadian Dollar has reached a 13 ½ year high against the USD. The reason, you may have guessed, has a lot to do with oil. A recent report on Canada’s oil resources estimates Canada’s famous oil sands may be worth more than $1 trillion. And that is a conservative estimate. Since the price of oil seems likely to remain above $50 in the long run, Canadian oil producers have reevaluated the viability of certain oil fields, now concluding that oil can be profitably extracted and sold. At this point, it seems nothing short of a complete collapse in the price of oil could halt the momentous run of the Canadian Dollar. The Ottawa Sun reports:

“The study … showed the oil sands are going to significantly contribute to the GDP growth over the next 15 years. That refocused a lot of international accounts on the whole ‘Canada as a big oil producer story.’ “

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