"Zen International": The commodity prices rally has fueled a renaissance in the currencies of Australia and Canada. "Zen International": The outlook for commodity currencies - that is, the currencies of those nations that export raw materials like oil and metals - is rosy as the US dollar falls out of favor with investors.
The values of both the Australian and Canadian dollars against their US counterpart have risen sharply in recent weeks thanks to the surge in the prices of both gold and crude oil.
Analysts at "Zen International" have, in the past, advised clients in the UK and US that need to have swift access to paper-based currency to sell their sterling or greenbacks for the Canadian or Aussie dollars.
British clients who followed their advice with regard to the Canadian currency have realized a 20% increase in the sterling equivalent of the amount converted and, although the correlation between the currencies fluctuates significantly, the long-term trend suggests that sterling will remain the poor relation in this currency pairing.
"Zen International" are bullish on the prospects for the Canadian economy given the relatively good health of its financial institutions which have been unscathed by the sub-prime debacle that ravaged their US counterparts.
The nation's largest export is crude oil and the recent surge in the price - however sustainable - appears to have provided very strong support for the Canadian dollar.
Sources close to "Zen International" say that concerns the nation's largest trading partner, the US, will negatively affect the outlook for Canada are largely unfounded given significant interest from China which is looking to secure future oil supply for its economy.
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