Financial Post: Why the Canadian dollar is bearing up against the US dollar

“The Canadian dollar is holding up better than most of its peers despite the broader (U.S.) dollar advance, underpinned by the country’s status as a net oil exporter,” Karl Schamotta, chief market strategist at Corpay Cross-Border Solutions, said in a note Tuesday morning. He said the loonie has struggled to capitalize on its commodity currency status of late because investment in the sector has declined, “but the correlation tends to increase as crude benchmarks push through the US$75-per-barrel mark (as they’re doing now).”

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