Is The Canadian Dollar Really A Commodity Currency?
By Ralph Shell: With the recent development of the Athabasca Oil Sands in Alberta, awareness of the importance of Canada as an oil producer increased. The recent rejection by the Obama Administration of the proposed Keystone pipeline, which would have transported about 900,000 barrels of oil per day to the U.S. Gulf refiners, served to enhance the public's knowledge of Canada's growing importance as an oil producer. After the Keystone pipeline was rejected by the Obama Administration, Prime Minister Harper organized and is currently leading a delegation to China. A Northern Gateway pipeline which would transport crude to British Columbia, and subsequently to China is being discussed. In addition to Canada's booming energy sector, the mammoth country has long been a supplier of natural resources. Grain, lumber, gold, silver, and nickel are among the many commodities mined or produced in Canada. It is no wonder then, the loonie is regarded as a commodityComplete Story »