It’s currently among the top 10 most traded currencies in the global Forex market. Its popularity lies in the ongoing strength of the Canadian economy and its correlation with the oil markets.
Oil prices are closely linked with the strength of the Canadian dollar, particularly in the currency pair USD/CAD, because of the country’s status as one of the world’s biggest oil producers. When there is a large volume of oil traded from Canada to the US, demand is created for Canadian dollars
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