Canadian Dollar Advances on Oil and Risk Play

The Canadian dollar gained 0.41 cents today jumping to 101.38 cents US on rising oil prices and a growing appetite for risk pushing commodity prices higher. There is some concern however that the European debt crisis is about to take center stage again in the wake of yesterday’s resignation of Portugal’s Prime Minister. The resignation was in response to growing opposition of the government’s plans to curb spending.

One estimate suggests Portugal is likely to require up to 70 billion euros (US$99 billion) to meet its debt obligations.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.